Europe’s Record-Setting Steel Rally May Finally Be Ending
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ScrapPrices
Published on August 27,2021 09:00 AM Steel
The rally in European steel prices to eye-watering levels may finally be running out of steam.
Europe’s Record-Setting Steel Rally May Finally Be Ending

The rally in European steel prices to eye-watering levels may finally be running out of steam.

A dip in iron ore prices, a seasonal slowdown in demand and an automotive sector hurt by the semiconductor shortage are conspiring to cool benchmark prices of steel on the continent. The price of hot rolled coil futures has tapered off gradually in August after six consecutive months of gains, which gave Europe’s steelmakers some of their biggest profits in years.

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