European stainless steel scrap prices have dropped significantly over the past week as sellers cut offers due to decreased interest from steelmakers. The euro's strength against the US dollar and a general softness in the ferrous market contributed to the decline, with some offers falling by up to 7%.
Declining Interest and Rising Imports
Additionally, the growing influx of nickel pig iron (NPI) from Asia has begun to impact scrap prices. Initially driven by a shortage of scrap in Western Europe, buyers have turned to NPI for cost benefits. Italian mills are noted as major NPI buyers, with significant orders reported from German and Dutch buyers. A trader predicts that these large NPI volumes will further depress scrap demand and prices, with minimal recovery expected until at least October.
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