Market participants said that a recovery in demand in Europe could only occur after the Chinese New Year. However, the price of hot-rolled coil (HRC) has almost reached its minimum, and Italian mills have also begun to increase their offers.
At present, the stocks in the domestic market are not processed, so the strategy of factories to increase prices cannot effectively manage the current trend.
On the other hand, the 2023 delivery contract between local factories and car manufacturers has not yet reached a consensus. Automakers hope to negotiate at current price levels, but steel mills are reluctant to sell at low prices.
As for imported hot-rolled steel, the Indian government has canceled the export tariff, prompting European distributors to buy in large quantities lately, so the quota for the first quarter of next year may be exceeded.
European steel mills expect price recovery
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