EUROPE HRC: Low demand drags domestic prices further downward

Domestic prices for hot-rolled coil in Europe dropped again in the week to Wednesday May 6 due to slow trading activity, sources have told Fastmarkets.

Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?421.50 ($458.02) per tonne on Wednesday, down by ?,?1.50 per tonne from ?,?423.00 per tonne on Tuesday.
Wednesday's index was calculated based on "workable" prices and bids heard at ?,?410-420 per tonne ex-works, along with offers heard at ?,?420-435 per tonne ex-works.
The index was down by ?,?4.75 per tonne week on week and down by ?,?51.50 per tonne month on month.
Sentiment in the market remained downbeat because demand was unlikely to recover any time soon, market sources said. Demand has been weak due to the effect of the lockdowns across Europe to combat the Covid-19 pandemic.

The restart of some automotive manufacturers, which are key flat steel consumers, has not yet had any positive consequences for steel demand and prices,...

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