Recently, European steel mills have tried to raise the section steel prices after the price hike for rebar and steel wire, mainly to reflect the sharply rising prices of scrap and energy.
It’s said that the UK’s steel mills planned to increase the small section steel prices by £25/ton and Spanish steel mills expected to raise the section steel prices by €20/ton.
However, market participants predicted that the European steel mills might fail to raise the section steel prices due to poor demand and high inventory.
Traders indicated that the European steel mills’ successful price hike for steel wire prices in May was driven by the recovering demand from North Africa and Mid-East.
( Source: www.yieh.com )