European steel market took a one-week break due to the Christmas holiday. And EU steel quotas for 2023 were announced recently. Accordingly, it is a matter of curiosity how the markets will shape in the first week of January.
With the announcement of the quotas, these demands will partially fill the production of the factories. On the one hand, the uptrend in scrap raises questions about the direction in which steel prices will move.
At the same time, the EU's embargo on "Russian crude oil transported by sea" in order to reduce Russia's war revenues reveals a new energy crisis. The increase in oil prices is expected to affect scrap and freight prices as well.
Accordingly, in countries where Russia will not supply oil, energy costs will rise even more, hitting the iron and steel industry once again.