Industry News

Steel prices surged in Europe last week on Ukraine-Russia exports threat

February 28, 2022

A number of steel producers in Ukraine have been forced to idle their plants due to the war. The nation is normally among the top five exporters of steel into the European Union, and disruption to its supplies will tighten the already strained market there.

Russian steel firms are facing their own difficulties exporting to the bloc.The sales to Europe, its biggest export market was sanctioned by Western nations, along with other tycoons in the country.

Higher prices for the metal will cause more pain for manufacturers and construction firms, who endured a rally to record levels last year. The market could get even tighter if rising energy prices cause further production curtailments by European steelmakers.