As of February 24, the regional war between Ukraine and Russia has certainly caused the growth of energy prices in Europe, which made European steel mills have no choice other than to raise the price of their products.

Meanwhile, buyers in the European market also stopped making purchases from the mentioned 2 countries, as some of the buyers decided to withdraw their quotation and retard the transaction.

A steel mill located in Central Europe complained that in a single night the cost of natural gas increased by 55% and hence they had to cancel the quotation to avoid severe economic loss.