May 2023

Japanese steel scrap prices supported by weak yen, higher Korean bids

Export prices for steel scrap from Japan have been boosted by the country’s yen falling to a lower value over the past week, together with a rise in bid prices from the key South Korean market, sources told Fastmarkets on Wednesday May 31.

Muted European steel beams market falls further

Weak demand dragged down prices for European steel beams in the week to Wednesday May 31, with lower offers from mills not having the desired effect of heightening trading, sources said.

Bearish sentiment prompts further downturn in Southern Europe rebar market, minimal trading in wire rod

Slow demand, slipping prices and a wait-and-see attitude among buyers continued to weaken trading in the steel rebar and wire rod markets in Southern Europe in the week to Wednesday May 31.

Russian domestic steel market muted; rebar prices decrease

The Russian domestic steel market was muted in the week to Tuesday May 30 while rebar producers lowered their offers, Fastmarkets heard.

Turkish scrap import market quiet; prices stable

Turkish producers remained silent in deep-sea scrap markets, turning their focus to the finished steel market amid the country's internal economic issues, sources told Fastmarkets on Wednesday May 31.

European HRC prices expected to sink lower in June, sources say

Buyers and sellers of hot-rolled coil in Europe continued to hold back from trading on Wednesday May 31, while the outlook for June remains bearish, sources told Fastmarkets.

Slow buying acts as a drag on heavy steel plate prices in Europe

Steel plate prices were stable to slightly lower in across Europe in the week to Wednesday May 31, amid subdued demand and pressure from imports, with sentiment the month ahead largely downbeat, sources told Fastmarkets.

Iranian steel billet prices widen downward following latest deal

Steel billet export prices from Iran widened downward in the week to Wednesday May 31 after a deal was done at lower levels compared to the prior week, sources told Fastmarkets.

Seaborne FOB Australia coking coal prices stable, but further coke cuts in China dampen mood

Seaborne FOB Australia metallurgical coal prices remained steady on Wednesday May 31, with most market participants edging toward a bearish outlook, but the CFR China market continued to slide after mills proposed a 10th round of coke price cuts.

High carbon FeCr prices decline further in Europe in weak spot market

High carbon ferro-chrome prices continued to decline in Europe during the week to Tuesday May 30, amid reportedly poor downstream demand, as well as a desire from the sell side to maintain liquidity.