European long steel prices increase in early August
European long steel prices have moved up by Eur10-25/mt month on month in August so far, driven by good demand ahead of the traditional summer break, sources told S&P Global Platts Thursday.
The Italian rebar market in particular rallied in the week ahead of the traditional August holiday period, as reported by Platts. According to the Platts TSI index, the rebar market has increased by Eur25/mt month on month, reaching Eur554/mt ex-works Ruhr in the week ended August 3.
After a period of destocking, buyers returned to the market, triggering price increases. Despite this, scrap was relatively stable and some large buyers bought cheaper material mainly from Turkey.
