European buyers of imported steel products are shocked by the extension of existing safeguard measures for another three years at a time when most of the industry’s segments are struggling from material shortage and, consequently, high prices.

Global scrap prices in the key markets diverged in the week to Friday June 18, with those in Asia moving upward, while Turkish scrap prices fell amid slow buying driven by uncertainty over finished steel sales.

With long steel prices in Europe reaching historically high levels, construction activity is slowing in some regions due to reduced supplies and delays, with some market sources fearing a decline in industrial activity long term.

Fastmarkets is extending the delivery window for its price assessments of aluminium 6063 extrusion billet premiums in Europe to three months.

The latest forecasts from Fastmarkets’ team of analysts are ready to view.

Appetites for steel scrap exports were broadly subdued in the week to Friday June 4, with the exception of imports into India and Pakistan.

Mammoth steel-scrap margins and high-grade premiums prevalent in recent months are likely to persist in the short term but should fall away by the end of the year, panelists at the ferrous session of this week’s Bureau of International Recycling (BIR) Convention said.

Turkish steel producers extended their silence in the deep-sea scrap import markets amid weakening demand for finished long steel products, sources told Fastmarkets on Thursday June 3.

Turkish steel producers remained quiet in the deep-sea scrap market and instead continued to focus on finished steel, sources told Fastmarkets on Tuesday June 1.

Global steel scrap prices dropped in the week to Friday May 28 on poor sentiment resulting from a weaker Chinese market and a softening of the Turkish market.