Price slide on German steel scrap market continues in June

The widespread euphoria that existed on the steel and steel scrap markets in Germany as recently as April has now completely evaporated. It appears the slump in scrap prices in May was not merely a one-off event but a real trend reversal, the latest market survey reveals. Prices slid again considerably in June – by as much as triple digits – and scrap traders have a pessimistic outlook for July.

"The giant bubble has burst,” commented one respondent. It was clear to everyone that this spring’s price rally was not sustainable, but even the most experienced scrap traders were surprised by the speed and magnitude of the price collapse. "The mood has completely soured within a very short period of time,” said one trader....

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