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Market participants said that the bullish price development is driven by the shortage of steel on the market. As several market-leading mills are sold out until April 2021 and hot-rolled coils and hot-dip galvanized products are becoming increasingly difficult to obtain. Increased demand for automobiles, extended lead times and expensive imports currently offer limited opportunities for buyers.

Empty Steel Coil Warehouse
Sources bullish, as the market expects a scarcer HRC supply

Prices for hot rolled coils up to 23 %

Northern European prices for hot rolled coils have been rising since November. From October to November by 16%. In Italy, the price of hot-rolled coils even rose by 23%.

We are receiving inquiries from new customers who never buy from us

Inventory expectations point to a decline in available stocks. Traders and stockholders in particular expect a decline in December. Overall, there seems to be little confidence in the material available for December.

“We are no longer on the market and I do not make offers, I only book with old customers with quantities already prepared,” said a European source from the milling industry. “We are receiving inquiries from new customers who never buy from us,” said another European market participant.

Source: spglobal.com


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