Sentiment turned negative in Northern Europe after severe flooding in Germany and parts of Belgium
reduced trading activity to close to zero, with buyers and sellers assessing the consequences for the market.
Even though the floods had no direct effect on steel output, they have resulted in serious disruption to transportation, which is likely to aggravate existing supply problems in the region, sources said.
“The shortage [of HRC] will get deeper now that we have had those floods in Germany, where steel companies are located,” one trader said.
A fire at NLMK’s plant in Belgium is also adding to the...