German steelmakers settled monthly contracts in May for steel scrap at higher prices due to tight supply as well as the rising price trend in the international market, sources told Fastmarkets.
Availability of new scrap, included E8-grade, has been constrained by stoppages in the automotive segment, which in turn have been caused by a shortage of semiconductors , market participants said. Car manufacturers are the main suppliers of E8 to the European market."Demand for new scrap is higher than the suppliers can offer," a German source said. "Some traders have they even been trying to buy...