Domestic European prices for hot-rolled coil remained stable on Aug. 27, as market participants returned from summer holidays and expectations increased of a revival in activity and demand.
“Prices should pick up in the next month,” a mill source said. “[However,] it is still too early to say.”
“I see recovery in the first quarter of 2025,” a service center source said. “Toward December there might be a bullish phase [in the market].”
Market sources also noted a continued lack of interest from the market following the announcement of the European Commission of anti-dumping investigations for a variety of Asian countries.
“We all expected a reaction to the investigations against the Asian countries,” a service center source said.
Interest in imported HRC from China has been moderate, with some Chinese mills offering to finance the cost of safeguard duties to incentivize demand. Although it remains unclear whether consumers will take this onboard, sources said.
Sources emphasized the importance of production cuts by mills to help balance out market fundamentals. They also suggested government intervention, such as subsidizing certain industries, to alleviate market pressures.
“Without subsidies, the market will not move,” a service center source said.
Platts assessed Northwest European HRC at Eur595/mt ex-works Ruhr on Aug. 27, stable on the day.
Meanwhile, Platts assessed domestic HRC prices in Southern Europe at Eur595/mt ex-works Italy on Aug. 27, also stable on the day.
