Domestic European hot-rolled coil prices fell slightly Nov. 6, as the announcement of Donald Trump’s victory in the US presidential election created uncertainty for market participants, over the prospect of higher protectionism in the US market under a Trump administration.
Market activity remained subdued as demand was unchanged.
“The market is half dead,” a Germany-based trader source said. “Announced price increases from mills are not working, as there is no demand.”
The source described price increases by European mills as “wishful thinking,” while calling the situation “a fight for the lowest price.”
The source said there was no damage to mill orderbooks because of the election’s result, as most orderbooks were full until the end of the year.
According to the same source, there was “no real strengthening of the market,” due to poor construction and automotive demand domestically.
Platts assessed Northwest European HRC at Eur555/mt ex-works Ruhr Nov. 6, stable on the day.
Offers were reported at Eur560-640/mt ex-works Ruhr.
Platts assessed domestic HRC in Southern Europe at Eur550/mt ex-works Italy, down Eur5 on the day.
Platts assessed imported HRC in Northwest Europe at Eur520/mt CIF Antwerp, down Eur10 on the day.
Platts assessed imported HRC in Southern Europe at Eur525/mt CIF Italy, down Eur10 on the day.
