The price of rebar produced and delivered in Northern Europe has remained stable week on week, but with optimism among mills returning because of the potential price rises for ferrous scrap, market participants told Fastmarkets on Wednesday May 22.
Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?525-545 ($586-608) per tonne delivered on May 22, unchanged from May 15."We do believe that the Turkey-US situation will lead to higher prices for ferrous scrap [a key feedstock in rebar production] and thus to higher EU prices [for steel products], but we haven't raised offers yet. We are waiting for higher scrap prices to appear," one European producer source said.The United States lowered its tariff on steel imports from Turkey to 25%, from the previous 50%, with effect from...