EU steel mills to hold out for price rises
A
MEPS (International) product story
Edited by the Engineeringtalk editorial team
Jan 12, 2005
In the flat products category, EU purchasers are waiting as long as possible before committing themselves to forward orders for delivery in the first quarter, according to MEPS Steel Prices Online.
In the flat products category, EU purchasers are waiting as long as possible before committing themselves to forward orders for delivery in the first quarter, according to MEPS Steel Prices Online.
Many companies have high inventories to take them into the New Year.
Despite the slow order patterns, MEPS expects the mills to hold out for price rises of Eur 20/30 per tonne in the strip mill sector.
MEPS believes these will be recorded in its January figures at a level marginally below the values shown in the previous forecast.
MEPS still expects selling prices to decline steadily from Springtime onwards as import volumes expand due to the attractiveness of the EU market to third country suppliers.
The high cost of raw materials in 2005 should underpin current price levels to a degree.
Nevertheless a 10% decrease is expected over the year.
Plate selling values remain strong and supply remains quite tight.
Further significant price hikes are forecast for next month as new orders are placed in the near term for first quarter deliveries.
These strong market conditions are likely to extend well into the second quarter of 2005 before slipping as foreign shipments take a greater share of the domestic markets.
In the long products category, oversupply is becoming a feature in the bar and rod categories.
Scrap prices have also fallen.
These two factors have put negative pressure on selling values as this year draws to a close.
Wire rod, rebar and merchant bar prices are forecast to slip further through the Winter months before rising in the Springtime.
Values should remain steady for most of the remainder of the year.
Transaction prices for structural sections are likely to peak around the turn of the year.
Lower scrap costs, weaker demand and the threat from imports are likely to put negative pressure on market prices as the New Year progresses.
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