JPMorgan: European steelmakers should focus on capacity constraints

JPMorgan noted that, according to recent reports from industry participants, EU hot metal production could be reduced by around 15% by December and that this production shortage appears to be a credible option to stabilise prices during a period of low consumption.

JPMorgan also emphasised that China's steel exports and the growth outlook for the Eurozone will be the determining factors affecting European steel prices in 2023/24.