Hyundai Steel’s planned merger with sister company Hyundai Hysco would be “credit positive” for the company as it would strengthen its business and financial profile, ratings agency Moody’s said.

Prices for CIS-origin billet have softened over the past week as customers showed a preference for low-priced Chinese material over Russian and Ukrainian products, sources have told Steel First.

US steel exports have plunged since the Section 232 tariffs were implemented against imports from Canada, Mexico and the European Union, according to a review of Commerce Department figures by Fastmarkets AMM.

Lower oil prices and a weaker euro could sustain activity in the EU long steel market at levels better than those forecast, the International Rebar Producers & Exporters Assn (Irepas) has said.

Turkish scrap import prices have crashed this week, in line with market oversupply and weak demand from the country’s steel mills, while other market prices were expected to follow.

Global steel scrap prices could "plummet" in the coming months due to sluggish export demand and pressure from lower-priced iron ore and coke, according to two World Steel Dynamics (WSD) analysts.

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

Buying activity in most billet markets was reduced last week amid weaker demand for finished steel due to Ramadan, the wet season in Asia and new trade restrictions in some countries.

Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Friday March 23.

European steelmakers have called for the European Commission (EC) to review its decision to liberalize its import safeguard measures by increasing quota volumes by 5% each year, Fastmarkets has learned.