Long steel prices in Northern Europe have continued to decline due to weak demand and minimal restocking activity. As of October 2, prices for steel reinforcing bar (rebar) have dropped to €600-620 per tonne, down from €630-645 per tonne the previous week. The construction sector’s low consumption has significantly impacted the market, with Germany experiencing particularly poor demand.

Despite the current downturn, there is cautious optimism for a potential recovery in the New Year. Market participants in the Netherlands and Belgium have reported small orders and hope for increased construction activity. The recent removal of the National Rural Area Programme in the Netherlands is expected to stimulate the construction sector by easing permit restrictions and supporting delayed projects.

Additionally, rising steel scrap prices, driven by a strengthening Chinese market, have put further pressure on producers’ margins. The Chinese government’s recent stimulus efforts have improved market sentiment, leading to higher iron ore and steel prices. However, the overall outlook remains uncertain, with market participants closely monitoring developments.