Domestic prices for hot-rolled coil (HRC) in the European Union are expected to continue their gradual decline after the market recovers from the Christmas holiday period lull, sources told Fastmarkets on Wednesday December 19.
The prices are expected to stabilize for a couple of weeks due to the lack of market activity over the Christmas holiday period in Europe, according to market participants.But in the first half of January, when buyers and steelmakers return to the market, domestic prices are expected to slide further due to the negative global trend and slow trading across Europe, sources said."I do not [expect] prices to drop massively, but the market will remain relatively weak, and [domestic] prices [for HRC] will likely to go down step by step in the first quarter," a European trader said.In the meantime, European steelmakers were reported to have sufficient order books, which has helped to prevent an bigger drop of domestic prices, according to market sources.The anticipated definitive decision in the safeguard case, which is scheduled to be set in February, is adding to uncertainty to the market....