The European long steel markets have started 2019 in lethargic fashion, disappointing suppliers that were resolutely raising their offer prices just two months ago in anticipation of strong demand.
In November, rebar producers were confident of better prices on higher raw material costs, a forecast of strong demand, and external factors such as critically low water levels in the Rhine river and its waterways, which are used for water-borne haulage."We're still trying to raise prices, but bookings have not been completed yet," one producer said at the time. "With the costs of scrap, coking coal, electricity, natural gas and ferroalloy all going up, we have very little room for people to lower prices."But prices have fallen. Since the first week of November,...