Lower auto sales in Europe have put West European hot rolled coil prices under pressure. However, demand from construction is nonetheless helping to support prices for the flat-rolled product.
“People want to invest their money into something,” one trader source told MetalMiner.
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Hot rolled coil prices slide
ArcelorMittal had originally sought €1,080 ($1,210) in November. While that price remains the Luxembourg group’s official one, transactions have taken place at lower levels.
Large-volume transactions have occurred in November at €980-1,000 ($1,095-1,120) per metric ton exw for delivery in January, the trader said.
Transactions for smaller volumes €1,050 ($1,175), the trader added.
Imports from Russia and Turkey have transacted at an average of about €865 ($970) per ton cfr Europe, the trader noted.
Auto registrations slow
New automobile registrations in the European Union totaled 665,000 units for October. That marked a drop of more than 30% year over year from 950,000 units, the European Automobile Manufacturers Association (ACEA) said Nov. 18.