European HRC prices stable as spot buyers wait for contract settlements

Domestic hot-rolled coil prices in Northern Europe and Italy were stable on Friday November 19 due to slow trading activity, sources have told Fastmarkets.

Northern European steelmakers continued to give discounts for fourth-quarter-rolling HRC. Coil for prompt shipment became available in the spot market at lower prices because it was originally intended for shipment to automotive sector buyers.
Demand from carmakers has fallen by about 30%, market participants said, because the global semiconductor shortage meant that they could not produce the usual numbers of vehicles, reducing their need for steel.

In addition, a few sources said that Northern European mills have been targeting export sales...

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