Europe HRC prices get support from re-stocking, export opportunities

The mood in the European hot-rolled coil market was upbeat on Wednesday November 3 despite limited trading activity, sources told Fastmarkets.

Bullish sentiment was supported by a recovery in domestic demand caused by restocking activity. Further support came from news of an agreement between the United States and the EU to replace Section 232 tariffs on steel and aluminium, imposed on the bloc's 27 countries, with tariff-rate quotas.
Market participants expected that EU steel mills would be able to increase their flat-rolled steel exports to the US, therefore cutting the volumes for domestic supply. Some believed that the rise in overseas sales could offset the negative effects of the slump in demand for steel from the automotive industry.
Market sources estimated that steel demand from car manufacturers has declined by about 30% due to the consequences of the continuing global semiconductor shortage.

Trading activity has been limited, while the majority of steelmakers have been holding back from making new offers in the spot market and dealt instead...

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