German steelmakers settled their monthly steel scrap contracts for July at higher prices due to continuous tight availability in the market, sources told Fastmarkets.
Prices for new scrap grades, such as E8, have risen higher compared with other grades due to short supply from both automotive producers and flat steel service centres.Stoppages and reduced production rates in the automotive sector resulting from a shortage of semiconductors has resulted in lower scrap output, participants said. Car manufacturers are the key suppliers of E8 to the European...