EUROPE HRC: Domestic prices stabilize despite shortage, strong demand

Domestic European prices for hot-rolled coil were fairly stable day-on-day on Thursday June 3, supported by a persistent material shortage and strong demand, sources told Fastmarkets.

The majority of Northern European producers were reported to be sold out of third-quarter-rolling coil, and suppliers in the region were ready to pay higher prices for material with earlier shipment.
Italian producers, in the meantime, have been trading third-quarter shipment HRC, market sources said.
But the bullish sentiment in the market has changed, sources said. Buyers have become more cautious in their purchases because they believed that the continuous upward trend has come to an end and that prices would stabilize at their current levels.

Market participants still believed, however, that the shortage in the EU coil market was likely to continue into the third quarter and potentially until the end...

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