German steel mills exploit export slump to significantly reduce scrap prices

|
|

There was considerable disillusionment on the German ferrous scrap market in May. In advance of the presidential election in Turkey, export volumes dropped off considerably and prices fell rapidly. Steel mills in Germany took advantage of this dip in demand and implemented price mark-downs. Once again, scrap demand varied significantly from mill to mill and was modest overall. Scrap traders are particularly worried about the weak order books at concrete steel producers, as they are preparing for mills to take extended summer downtimes.

The hopes expressed by traders surveyed in April, that exports to Turkey would pick up after the end of the Ramadan festivities went unfulfilled. Amid weak sales volumes, falling steel prices, a strengthening US dollar and the uncertainty about the future political power structures in their country, Turkish steel producers were reluctant to import steel and/or pushed for steep price cuts. The import price for the standard grade HMS 1/2 in May fell....

Read more

You can only use this article with a valid subscription and registration. Registered subscribers can access all articles after entering their user name and password.
- Ad -

Article topics
Article categories
- Ad -