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Nordic Steel Price Forecast

Date: 2019-05-28
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MEPS forecasts that Nordic average flat product prices will decline, in the short term. A number of factors are likely to exert downward pressure on transaction values. Demand from the automotive industry, a key steel-consuming sector, remains weak, as a result of new vehicle emissions testing procedures and softening consumer confidence. Steel purchasing volumes are reasonable in the Nordic countries. However, economic and political uncertainty across Europe is having a negative impact on sentiment in local markets. Furthermore, price weakness in other Western European nations is adversely affecting selling figures, in the Nordic region.

A price recovery is forecast, in late summer/early autumn. Steel mill profit margins are increasingly being squeezed. Iron ore prices have risen substantially since the Vale dam disaster, in late January. Furthermore, coking coal costs remain elevated. Consequently, the imperative for steelmakers to lift transaction values is becoming more acute.

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