Sentiment bullish in EU HRC market; mills start to increase offers

Sentiment in the European hot-rolled coil market was largely bullish on Tuesday November 2, supported by a slight recovery in demand amid news of an agreement between the US and the EU on Section 232 tariffs, sources told Fastmarkets.

On October 30, the European Union and the United States agreed to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas.
Although the quotas for the EU have not been revealed yet, most market participants expect EU steel mills to be able to increase exports to the US, thereby allowing them to reduce domestic volumes and support prices in Europe.

A rise in export tonnages is likely to offset the negative impact of reduced demand from the automotive sector in Europe, caused by...

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