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Steel price differentials between East and West soar to record highs

The gap in steel prices between Eastern and Western countries has reached an all-time high. The pace of growth in US transaction values appears to be slowing, partly as demand traditionally wanes during the summer period. However, a cooling in prices is also occurring in Asia. Consequently, the differential between transaction values in the two regions is expected to expand in the coming months.    

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European steel buyers catch their breath

One year ago, European steel producers grasped the commercial initiative. Production cuts, forced by the coronavirus pandemic, limited availability. Quotas restricted access to traditional import sources. A series of mill price increase announcements reversed the previous downward trend. Steel manufacturers were able to start to recover lost profit margins. Steel buyers have spent twelve months coping with rising prices and material shortages.

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Mills likely to lift CHQ rod prices for Q4 business

Tight supply is expected to persist in the European cold heading steel market, in the post-holiday period. The recent escalation in regional wire rod values, including those of cold heading qualities (CHQ), came to an end in August. A weakening in activity, due to the summer vacations, contributed to the price stabilisation.

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