The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.

Turkish deep-sea scrap import markets were quiet on Monday July 5 with mills reluctant to buy scrap amid limited finished steel demand, while suppliers kept offers firm, market sources told Fastmarkets.

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August 24 marked six months since the beginning of Russia’s unprovoked invasion of Ukraine on February 24

Metal Bulletin reviews the major stories affecting the steel market over the past week.

Metal Bulletin reviews the major stories affecting the steel market over the past week.

The already short supplies of steel wire rod and rebar in the north of Europe are likely to get even tighter in the coming weeks after a fire led to the suspension of operations at the Thy-Marcinelle long steel mill in Belgium, sources told Fastmarkets on Wednesday June 23.

Turkish steel mills extended their silence in the deep-sea scrap market on Thursday June 17, with market participants reporting no new bookings for the second day in a row and describing the market as “quiet.”

The recent start of electricity rationing in Taiwan capped any major price climbs in its containerized ferrous scrap import market during the week to Friday July 2, sources told Fastmarkets.

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.