Continued uncertainty in Europe's hot rolled coil (HRC) market has reportedly led buyers to postpone restocking. European HRC prices have remained virtually unchanged over the past week in a quiet market, with buyers concerned about future prices, sources noted.
Excluding Northern Europe, daily HRC prices were estimated at €750-790 per tonne during the week to February 5. Buyers indicated that they have enough HRC in their stocks and therefore do not expect a clear price path for the second quarter of 2024.
Buyers' forecasts for HRC prices in Northern Europe for the coming weeks are hovering between €750 and €760 per ton EXW. Prices are expected to decrease towards the end of the first quarter due to sluggish demand.
Producers pointed out that HRC imports have become more difficult due to the EU import safeguard measures and the Red Sea shipping crisis, which has reduced import pressure and a rebalancing is expected in February.
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