European long steel mills remain under pressure from weakening ferrous scrap prices and negative market sentiment, the International Rebar Producers & Exporters Association (Irepas) said in its latest short-range outlook on Friday June 14.
While "the announcement of price increases by ArcelorMittal for long products, and the imminent maintenance at European mills could help to increase long product prices in the EU market, the price trend of ferrous scrap and the general sentiment in the market do not help [mills]," Irepas said.Fastmarkets' daily Turkish import scrap index for Northern Europe-origin HMS 1&2 (80:20) was $283.65 per tonne cfr on June 14, down sharply from $303.25 per tonne cfr on June 7.Ferrous scrap prices are falling amid weaker demand from Turkish mills and the country's struggling domestic construction sector as well as increased scrap generation in the US market over the spring months."Scrap accumulation is expected to slow down over the summer months,...