Global price overview

Global price overview

Steel analysts are reporting that the international market continues to remain buoyant, driven largely by US and Far Eastern demand. European traders say that since export prices rose a further $4-5/mt in April, that prices may push up another $1-2/mt before reaching their peak this year. Currently, the European export market is experiencing firm conditions in the US, Far East, China, Turkey and India. Market watchers predict this trend will continue while scrap supplies still remain limited worldwide. Additional pressure exists in the market due to increased freight rates as a result of higher bunker prices because of tension in the Middle East. There is also disagreement about the influence of the Far East on the EU scrap market, currently. Some in the industry say Far Eastern buyers continue to place more orders from Europe to supplement material brought from the Black Sea while others claim that the region's demand has settled down.