Domestic long steel prices in EU markets were expected to push moderately higher over October, with producers foreseeing strong demand and high costs, although the developing situation in Turkey could stifle any price increases, sources told Fastmarkets this week.
"We're seeing October deals at [prices] about ?,?20 [($23) per tonne] above September business," a producer said, pointing to a trio of price drivers that will push prices higher over the coming month."Demand is looking very robust, producers' costs have increased, and scrap prices have recovered," he said.Fastmarkets' daily ferrous scrap index for Northern European HMS 1&2 (80:20) [LINK] fell by almost 20% in a single day on August 17 when it sank to $290.73 per tonne cfr Turkey from $319.17 per tonne.This came after the USA doubled its Section 232 import duties on Turkey-origin steel to...