Wartime Steel Spike Threatens to Hobble Global Economic Recovery
- Europe has been hard hit, with steel prices jumping by 51%
- U.S. impacted as scrap supply from Russia and Ukraine dwindles
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A failed tender to build a bridge in Rome highlights another consequence of Moscow’s war: soaring steel prices.
There were no takers earlier this month for the 146 million-euro ($163 million) contract for the Ponte dei Congressi across the River Tiber as steel market turmoil left potential bidders wary of getting burnt. In the three weeks following Russia’s invasion of Ukraine, benchmark European steel prices surged 51% as shipments from those countries were taken out of the market.