European buyers held back from hot-rolled coil purchases due to expectations of a decline in domestic prices and massive import volumes being released in the European Union after Friday October 1, sources told Fastmarkets on September 29.
Low import offers that have emerged in Europe have also contributed to negative sentiment in the market. The latest offers of HRC have been heard at ?,?800-900 ($935-1,052) per tonne cfr Italian ports. Lower prices, however, are likely to be subject to safeguard tariffs.European buyers have paused trading until the start of the EU's new quota period on October 1. The buyers have also booked significant HRC volumes from overseas, with European ports reported to have exceeded quota limits. Sources estimated that 1.5 million-2 million tonnes of steel products are currently located in...