Italian Stainless Steel Scrap Prices Expected to Rise Further
Italian stainless steel scrap prices are anticipated to rise next month, with grade 304 (18-8) expected to increase by 6-7% per tonne, driven by higher raw material costs and tighter scrap supply, while grade 316 scrap may see an even higher increase.
Muted Turkish Rebar Market Ahead of Elections
Turkish rebar prices held steady despite scrap price increases, with export buyers showing little urgency, while domestic market activity remained cautious amidst uncertainties surrounding upcoming municipal elections.
Fluctuating Iron Ore Prices Amid Conflicting Market Rumors
Iron ore prices fell to a four-month low of US$116.5 a tonne in February, down 11.3% due to weak Chinese demand post-Lunar New Year, marking the worst two-month performance since April-May 2023, with March historically averaging a 3.0% decline since 2008.
Saudi Billet Market Experiences a Lull
Saudi Arabian billet producers grapple with low rebar re-roller bids and high scrap prices, selling at breakeven prices around 2,010-2,050 SAR/tonne to sustain operations, amidst expectations for market stagnation until mid-April due to weak demand and upcoming Eid holidays.
EU Nations Push for Prohibition on Russian Scrap Imports
The Czech Republic, Lithuania, Latvia, and Estonia propose an EU ban on Russian scrap imports to hinder funding for its war against Ukraine, alongside EU sanctions, including quotas on pig iron and extended slab import periods.
Increased Interest in Russian-Origin Pig Iron Surges Alongside Upward Trend in Scrap Prices
Rising scrap import prices in Turkey spark increased demand for Russian pig iron, with Italy purchasing 90,000 tonnes at $415-420/tonne CFR and Turkish prices potentially reaching $405-410/tonne CFR, while Russian mills anticipate further price hikes to offset export duties.
Red Sea tensions may disrupt the excess EU India HRC quota allocation.
Elevated shipping times in the Red Sea could delay India’s hot-rolled coil (HRC) safeguard quota in the EU from overfilling on April 1, as recent vessel tracking data suggests, impacting the clearance of Indian material and potentially delaying quota overfill until later in the month.
German steel production remains stable, but at a historically low level.
German steel mills saw a second consecutive monthly increase in crude steel output in February compared to the previous year, signaling optimism for recovery despite challenges like high electricity costs, with a 4.4% rise in production, totaling 3.1 million tonnes.
Buyers in the GCC adopt a cautious approach as HRC prices decline.
Imported hot rolled coil offers in the GCC market decreased, with buyers adjusting target prices to around $570-575 per tonne cfr Jebel Ali or Dammam, while Chinese suppliers offer SAE1006 grade at $570 per tonne for May shipment, and Saudi Arabia’s primary HRC supplier anticipates lower prices for June deliveries compared to May’s $745 per tonne.
Saudi’s Group Five Pipe Saudi (G5PS) seals a groundbreaking steel pipe agreement.
Saudi Arabia’s Group Five Pipe Saudi (G5PS) secures a SAR 3 billion ($800 million) contract with SWCC to provide welded spiral steel pipes for water transportation, marking a record-high deal for G5PS, with production capacity of up to 550,000 tonnes per year.
