EUROPE HRC: Domestic prices continue to move down

Domestic prices for hot-rolled coil in northern Europe and Italy declined on Tuesday September 21 due to low trading activity, sources told Fastmarkets.

Spot buyers have been holding back from making new orders because they have sufficient stocks and they expect domestic prices to move down further.
Negative sentiment has been supported by reduced demand from the automotive segment. Car manufacturers in the European Union are likely to consume less flat steel products than previously expected because of the global shortage of semiconductor chips for vehicles' onboard electronics.

As a result, some European producers have been settling deals for limited volumes of coil at lower prices with spot buyers, selling tonnages...

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