Steel prices hit record highs on European markets amid preparations for a possible ban on steel imports from Russia as part of a new package of sanctions, according to Bloomberg.
“Base prices for hot-rolled products in Northern Europe rose by 10% to 1,435 euros per tonne.” Rebar prices also rose to a new record.
Earlier, the European Union imposed restrictions on iron and steel trade with Russia. As noted in the Official Journal of the EU, the measure applies to metal sheets, lead products, fittings, stainless steel rods, angles, profiles, sheet piles, wire, seamless and welded pipes.
In addition, technical assistance, brokerage, financing, insurance and reinsurance related to this prohibition are prohibited.