November 2023

Green steel premiums stable in Europe; lack of consumer awareness hinders demand

Green steel premiums for flat steel were stable in Europe, with demand mainly limited to end-users, Fastmarkets heard on Thursday November 30. Regulations from the European Commission could help spur demand, market sources said.

Higher scrap values push up imported billet prices in Egypt, domestic rebar prices stable

Steel billet import billet prices in Egypt increased by 4.29% in the week to Thursday November 30, mainly because of higher international scrap costs, sources told Fastmarkets, but domestic rebar prices remained largely unchanged.

Trading slows in European HRC market; mills suggest new price rises

Trading slowed in the European hot-rolled coil market while buyers digested higher offers, but sentiment remained upbeat, Fastmarkets heard on Thursday November 30.

Bangladesh steelmakers reduce scrap bookings amid financing delays, low steel demand

Bangladeshi steel mills continued to refrain from booking large volumes of steel scrap this week amid delays in processing of letters of credit (LCs) and continued sluggish domestic steel demand, sources told Fastmarkets on Thursday November 30.

Turkish long steel prices rise on increasing scrap costs

Turkish steel producers have continued to push up their long steel offers due to increasing scrap costs over the past week, sources told Fastmarkets on Thursday November 30.

GCC likely to have excess capacity for steel; geographical advantages will allow improved exports: MEIS executive panelists

Steel production in the Gulf Co-operation Council (GCC) region is likely to have a surplus in the coming 10 years because of newly announced investments, but the region’s geographical advantages will result in increasing exports, according participants of Fastmarkets’ Middle East Iron and Steel (MEIS) Conference in Dubai on November 20-22.

Turkey's deep-sea scrap demand returns; prices up sharply

Turkish deep-sea steel scrap import prices have increased due to limited supply, increasing collection costs and rising demand, industry sources told Fastmarkets on Thursday November 30.

Oman`s Jindal Shadeed to start wire rod production in March 2024; groundbreaking ceremony held for green steel plant

Jindal Shadeed Iron and Steel (JSIS) will start wire rod production at the Sohar Steel plant in Sohar, Oman, in March 2024, chief executive officer Harsha Shetty told Fastmarkets in an interview on the sidelines of the Middle East Iron and Steel (MEIS) Conference in Dubai on November 20.

European steel beam market widens upward, mills push up offers

The European steel beam market was quiet in the week to November 29, but prices widened slightly upward amid higher offers from mills, sources told Fastmarkets.