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The price of domestic medium sections in Europe fell by more than €20 ($33) per tonne this week, as buyers await further downward pressure from falling scrap costs, market sources told Metal Bulletin sister title Steel First this week.
“There is more activity in the market [than before], but a lot of buyers believe prices will fall further, which means that they do not want to buy now. [They are waiting] as scrap is expected to drop down a bit more,” a stockholder in the Netherlands said.
In Northern Europe, domestic medium sections are being sold at €540-560 ($706-733) per tonne delivered, down from €565-580 ($739-759) per tonne last week.
Market sources said the higher end of the range at €560 ($733) is a price that would be accepted in parts of Sweden, Norway and Finland, but would be too high for the Benelux countries and Germany.
Ex-works prices in the Northern European region are now at €515-530 ($674-693) per tonne.
In Southern Europe, a lack of investment in the construction sector continues to affect prices.
Locally-traded medium sections in Spain, Portugal and Italy are now €530-540 ($693-706) per tonne delivered, compared with €560-570 ($733-746) previously.
Southern European ex-works prices are at €500-510 ($654-667) per tonne.
Elfi Middelbeek emiddelbeek@steelfirst.com Twitter: @EMiddelbeek_SF