Currently, scrap prices and electricity prices continue to rise, so Turkish mills' production costs are also increasing. Therefore, Turkish mills purchased 150,000 tons of hot rolled coil (HRC) from China, and the transaction price was even below the production cost.
Also, some of the production lines of European producers are scheduled to be put into maintenance since September 2022, so the decrease in production has resulted in a decrease in available inventories in the spot market. Large-scale producers in Northern Europe have driven up prices with good orders, and the current production schedule has entered March delivery.
According to statistics, European producers' HRC prices have increased by US$20/MT w-o-w this week.
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