Steel prices to rebound in fall
Speaking at SteelOrbis “GreenLight Ahead for Steel” conference in Amsterdam, Stemcor Europe A.G's Phillip Edmonds stated that steel prices would rise in October and November. Edmonds, Deputy Chairman of Stemcor, the international steel and raw materials trading company, based his optimism for a rebound in steel prices this autumn on the assumption that Turkish mills would re-enter the scrap market and drive up prices. The absence of Turkish mills from the scrap market has had some obvious impacts lately and the scrap prices have fallen continously. For example, the price of Russian scrap dropped from 225$/mt to $185-215/mt last week. According to Edmonds, the scrap prices will recover in October and continue increasing in November. The increase in scrap prices will also influence semi-finished and finished steel products as follows for orders with two months delivery time:
Oct. H1 Oct. H2 Nov. H1 Nov. H2
Scrap $230 $240 $250 $270
(CFR Turkey)
Billet $345 $355 $375 $390
(FOB Turkey)
Rebar $395 $390 $410 $430
(FOB Turkey
theoretical)
Wire Rod $385 $380 $400 $420
(FOB Turkey)