The European hot-rolled coil market has been under pressure from slow trading and prices are likely to reach the 'bottom' soon, sources told Fastmarkets this week.
Demand has been low due to a combination of a seasonal slowdown and high stocks at European distributors. Interest in imported coil has been limited due to long lead times and uncertainty over the definitive decision in a safeguarding case, which is expected in late January-early February.The EC imposed preliminary measures in a safeguarding case on July 18, in the form of tariff rate quotas on 23 steel product categories, based on average import volumes over the past three years. Imports face a 25% tariff if the product quotas are exceeded. "It is...