In Germany, HRC and CRC prices remained stable at EUR 625 and EUR 725 respectively. According to market sources, some of the plants are forced to work with narrow margins depending on the furnace types and therefore prices are not expected to decrease further. Low demand in the European automotive sector and China's competitive exports are causing the market to struggle.
There is a similar situation in Southern Europe...
In Spain, CRC prices remained stable at EUR 750 and HRC prices at EUR 630. Incentives are needed to revive the market, sources stated. Across Europe, CRC and hot dipped galvanized coil (HDG) prices remained under pressure due to weak demand.
Prices also remained stable in Italy. HRC prices were stable at EUR 615, CRC at EUR 740 and galvanized coil at EUR 856. In the market, order books were reported to be weak and some sellers still have delivery deadlines for September. Producers for the automotive sector reported that they were facing excess tonnage in the spot market due to weak demand.
According to market experts, weak demand in the automotive sector was cited as the main reason for the stagnation in CRC and HDG prices. How the market recovers after the summer holidays will be the most important factor that will determine the future course of prices. A dealer source announced that some Italian factories are planning to halt production for the whole month of August instead of the traditional two-week pause.
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