EUROPE HRC: Sentiment bearish on low demand from automotive sector

The bearish mood persisted in the European hot-rolled coil market on Friday September 17 due to the reduced demand from the automotive sector, sources told Fastmarkets.

Although producers have been largely holding back from trading large tonnages, they have been accepting lower prices for smaller lots of HRC that had not been delivered to automotive buyers under long-term agreements.
Market sources believed that European automotive manufacturers were unlikely to consume coil products at the rate previously expected. This was due to the knock-on effects of the global shortage of semiconductor chips for vehicles’ onboard electronics.

In addition, buyers have been waiting...

Published

Maria Tanatar

September 17, 2021

15:25 GMT

London