European coils market quiet amid holiday slowdown

The European hot-rolled coil market was quiet Dec. 29 as many market participants paused trading between the Christmas holidays and the New Year, sources told S&P Global Platts.

A Benelux mill source said that the market would be “closed” and that activity is expected to restart Jan. 4, 2021. Another Benelux buyer confirmed that they had closed their business over the holiday season.

Sources said after the seasonal slowdown, activity is expected to come back strong in January as material tightness is expected to intensify the recent price hikes which led buyers scrambling for material. According to Platts data, European HRC prices are at a 9-year high.

— Laura Varriale