The weekly price assessment for rebar for Northern European delivery was steady at €710-740 ($763-795) per tonne on Wednesday.
Steel scrap prices in Germany have increased by €20-30 per tonne m-o-m for March, depending on quality, and producers have started to increase their offers by around €20 per tonne.
Sources said that few buyers accepted higher prices and therefore the market was slow, and buyers instead waited to see how the market would develop.
Sources said that rebar buyers are cautious about stockpiling, and that if scrap prices, and thus rebar prices, decrease in April, they may trade hands-on.
Sources said that construction activities generally start to pick up at this time of year, so demand for rebar should also start to increase.
In the wire rod market, a buyer said he bought a significant amount at €730 per ton delivered.
An exporter from Southern Europe said that sales to Northern Europe were slow as some buyers stuck to the latest price levels for material imported from Southeast Asia, but one deal was reportedly sold at €680-690 per tonne.
The price assessment for local steel wire rod delivered to Northern Europe was €710-730 per tonne, up €10 per tonne on the week.
The daily index calculation for HMS 1&2 (80:20) steel scrap originating from Northern Europe was $459.26 per tonne on March 22, unchanged from the previous week.
E3 steel scrap was €400-410 ($428-439) per tonne on March 20, up €20-25 from €380-385 per tonne on February 13.
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