The current upward momentum in pricing in the steel market should continue in the third quarter with support from short supply and solid demand, buoying an already optimistic market, the International Rebar Producers & Exporters Association (Irepas) said on June 4.
Europe
Rebar prices reached new highs during the second quarter of 2021 on support from long lead times, strong demand and limited imports, sources said.
"Some mills have long lead times and those with material in stock are focusing on prompt deliveries of smaller volumes, which increases pressure on the buying side," Irepas said.
Fastmarkets' weekly price assessment for
steel reinforcing bar (rebar), domestic, delivered Northern Europe averaged ?,?730 ($889) per tonne in May 2021, up from a monthly average of ?,?660 per tonne delivered in April - the highest price since August 2008.
The rebar price growth is not linked to scrap prices anymore, Irepas said.
"Soaring [long steel] prices outpaced scrap tag increases and the demand and supply imbalance pushed the market up," a German trader said.
The lack of imports - due to...