Major global steel scrap markets have started to level off in recent days following sharp increases in the preceding few weeks.

Steel scrap prices continued to surge this week due to sustained demand from buyers in all markets, with the exception of India. Downstream steel prices have supported raw material price increases in Asia, with buyers melting scrap to feed demand for billet and long steel products.

Demand for steel in the European Union is expected to rebound by 13.3% year on year in 2021 after a 13% slump in 2020, the European steel association Eurofer said this week.

Improving demand for finished and semi-finished steel products across the major outlets has increased scrap prices in the major markets over the week to Friday November 13.

The key containerized ferrous scrap import market of Taiwan continued to witness price gains this week amid tight supply of United States- and Japan-origin materials, sources told Fastmarkets.

Import prices for ferrous scrap in Vietnam increased during the week to Friday May 7 on bullish sentiment in the spot market, and could break the $500-per-tonne-cfr-Vietnam mark for bulk cargoes, industry sources told Fastmarkets.

Chinese steel scrap buyers have been absent from the import market due to the muted sentiment after some serious environmental inspections at steel mills in Tangshan yesterday, sources said on March 12.

Chinese steelmakers looking to replenish steel scrap stocks after returning from their new year holiday on Thursday February 18, have raised bid prices for both domestic and imported material, sources told Fastmarkets.

The impact of Covid-19 is undeniably huge. It continues to make its presence felt across all commodity markets, including the ferrous supply chain, from raw materials down to finished steel products.

Czech steelmaker Trinecké Železárny plans a major overhaul of one of its two operational blast furnaces this summer, with the aim of reducing its carbon footprint by cutting emissions, the company said this week.