Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Northern Europe
, fell by just €0.26 per tonne to €472.50 ($519.73) per tonne on Wednesday, from €472.86 per tonne on March 31.
Wednesday’s index was calculated based on offers and “workable” prices heard at €470-480 per tonne ex-works.
Market activity has been slow following numerous shutdowns in the European automotive industry due to the Covid-19 pandemic. The construction industry still showed some demand, according to market sources, but consumption of flat steel has been weaker generally due to reduced activity in different consuming industries, sources said.
After car manufacturers stopped their operations, several European steel producers announced cuts in...