Europe passes US as steel price leader

Nov 11, 2004 | 11:14 AM |

Europe has overtaken the United States as the place where sellers can secure the highest steel prices, market sources said.

"The European market has become the most expensive," a U.K.-based trader said.

JSC Severstal, Cherepovets, Russia, for example, is selling hot-rolled coil for December rolling into the European Union at 500 euros ($645) per tonne c.f.r., a German importer of Russian steel said, the highest export price Severstal is getting for hot roll, having cut its price to the United States by some $70 in the past two....

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