Issue 01, 2025 - This week's editorial: Many markets subdued post-holidays, China under pressure

Global markets reported a subdued start to 2025 with many participants not yet returning from their extended Christmas or New Years break, and as a result, trading activity was minimal in many regions. 

On scrap, trading activity in recent days in Europe has been virtually non-existent given the holidays, further compounded by fluctuations to the Euro. However, Turkish mills have not yet fulfilled their purchasing requirements for January or started February’s buying, with many expecting trades to re-commence and confirm current market levels.

Tepid steel sales at the end of 2024 by Turkish mills could put a dampener on the scrap market, potentially reducing their buying requirements. 

In China, there were no major macro changes reported, keeping the focus on the fundamentals, which were not overwhelmingly strong amid the recent and ongoing uptick in inventories for some products such as rebar and hot rolled coil. This was starting to put downward pressure on steel prices. 

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