Producers of hot-rolled coil in Northern Europe have been holding back from offering material amid low prices, sources told Fastmarkets on Monday November 11.
This break in trading will support domestic prices which have finally stabilized after several months of decreases, the sources said."I think mills will prefer to wait before making new offers, until buyers become hungry for orders," one European trader said.The majority of contacts believe that prices have hit a bottom and mills will try to raise prices after the pause in trading. But some sources doubt that prices will recover due to demand not being strong enough.At the start of the week, prices remain within the previous week's assessment range. Fastmarkets' weekly price assessment for steel HRC, domestic, exw Northern Europe, was ?,?415-425 ($457-468) per tonne on November 6.The assessment reflects the latest deals and workable prices heard in...