Steel prices in the UK stabilize

The UK government has announced an extension of the coronavirus restrictions for at least another three weeks.

Manufacturing activity in the UK fell sharply in March as a result of government measures to slow the spread of the coronavirus. Several service centers continue to work with the reduced staff, operating in accordance with official guidelines on social distancing.

Strip prices rose in April as the weaker pound sterling offset any decline in euro benchmarks. Buyers are wary when placing forward orders as they cannot judge the extent of future supply or demand.

While many UK service centers remain open, activity is slowing as customers in the yellow goods sectors and vehicle manufacturers are closed. During the last round of negotiations, buyers and sellers agreed to postpone March data on rolled metal products.

Wire rod prices rose in the UK in April, driven in part by fluctuations in the pound sterling value of scrap. Demand remains lackluster. Net prices are also higher than a month ago, despite a significant drop in domestic sales.