Domestic prices for hot-rolled coil in northern Europe and Italy continued to slide on Wednesday October 20 due to reduced automotive demand and higher availability of material, sources told Fastmarkets.
A bearish mood in the market made buyers cautious about making new purchases, sources said, although demand has started to pick up due to distributor restocking for the first quarter of next year.Market sources indicated that mills supplying the automotive sector have booked about 30% less steel than was expected. Some sources also said that the car industry will stop production at European sites this year, causing demand form the segment to slump further. This has led more...