According to SteelRadar data, iron ore prices, which fluctuated between EUR 103.27 and EUR 110.02 during the week of 29th April, decreased to EUR 109.69 on May 6th. Steel sales in the first quarter of 2024 were 12 per cent lower than those in the first quarter of the previous year, sources said. According to SteelRadar data, steel sales in March 2023 were 1.05 million tonnes, while steel sales in March 2024 fell to 817.00 tonnes.
Rising energy prices have also affected the market for most electrically produced steel products. In this context, HRC prices in Germany rose by EUR 10 to EUR 635 on 6 May, while steel plate [EN 10025 (S235JR)] prices fell by EUR 20 to EUR 750 earlier this week. In comparison, rebar and CRC prices were estimated to have traded stable.
High interest rates and inflation in Europe have put pressure on steel production in the EU, sources emphasized, adding that interest rates in the European Union are expected to be reduced in the spring.
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