HRC price continues its downward trend in Europe

As the demand for HRC has decreased, buyers are reportedly expecting a further decrease in prices and are refraining from restocking. HRC prices in Germany dropped to €723 on March 4 due to shortage of deals in the market.

HRC prices in Germany remained in the range of €770-750 during February and dropped to €735 by the end of February. In March, they continued their downward trend and started the month at €723. Many producers in the region stated that they will reduce their production in order to stop the downward trend in prices and that they do not expect demand for HRC to increase in the coming days.

HRC prices were similarly on a downward trend in Southern Europe, with offers in Italy at €760 and Spain at €623 on March 4. In Italy, HRC prices remained at €790 during February, before trading at €760 towards the end of the month. They opened March at €760 and are expected to maintain this trend.

In Spain, the downward trend was more on the downtrend; HRC prices traded at €645 during February, dropping to €638 towards the end of the month, but slightly increased at the end of the month to close February at €640. SteelRadar data recorded Spanish HRC prices at €623 on March 4, starting March on a downward track again.

Sources informed SteelRadar that demand for HRC has fallen and production reductions are likely to take place in the last quarter of the year.