Trade in European Union countries has almost come to a standstill due to public holidays. According to information obtained by SteelRadar, steel producers in Northern Europe are trying to keep spot prices high ahead of negotiations with the automotive industry in the second half of 2024. This strategy is causing them to avoid big discounts despite low demand.
Offers for HRC for July delivery have been announced in Italy, but tonnages may still be available for late June, according to some buyer sources. Trading in Italy was quiet at the beginning of the week with no major deals. During this period, HRC prices in Italy fell by EUR 10 to EUR 650, while CRC prices were stable at EUR 755. In Spain, HRC prices remained stable at EUR 675, while CRC prices remained unchanged at EUR 805. This pause in trade comes at a time when European steel producers are taking a strategic stance.
HRC prices in Germany fell by EUR 10 to EUR 650 during the week to 20 May. However, CRC prices remained stable at EUR 755 in Germany.Especially ahead of future negotiations with the automotive sector, the producers' efforts to keep spot prices high are noteworthy. This strategy has kept prices relatively stable despite low demand. However, some countries, such as Italy and Germany, experienced slight price falls.
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