EUROPE HRC: Buyers hold back, anticipating price drop

Activity in the European hot-rolled coil market remained limited on Wednesday September 1, with mills keeping prices stable and buyers demanding price decreases, sources told Fastmarkets.

Market sources believe that the situation is unlikely to change in September - buyers have sufficient stocks and producers have good order books, so both sides can maintain a "wait-and-see" stance.
Buyers believe that prices should move down due to competitive import offers, increased coil availability, lower raw material costs and an uncertain demand outlook for the automotive sector.
A continuing shortage of semiconductors has limited automakers' manufacturing rates and, as a result, has negatively impacted steel demand. Market sources believe that car production will be limited at least until the end of the year.
But producers have been reluctant to lower prices. Most European mills say they are sold out until the end of the year.

And should the European Union and the United States resolve their Section 232 steel tariff dispute by November 1, as sources expect, Some HRC volumes from the EU will be diverted to the US....

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