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

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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.

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While you may be busy putting the finishing touches on your Thanksgiving spread and, subsequently, taking a turkey-induced nap, you might find some time to revisit this week’s coverage, including oil prices, global crude steel production and much more.

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But first, in case you missed it, MetalMiner is hosting its final monthly webinar of the year at 10:00 a.m. CDT, Wednesday, Dec. 8. Metal buying organizations will not want to miss it, as the MetalMiner team will delve into price predictions for 2022. For more information about the webinar and to sign up, those interested should visit the MetalMiner Events page.

Elsewhere, MetalMiner also recently launched a suite of precious metals within the MetalMiner Insights platform. In addition to gold and silver, the suite includes platinum and palladium (of particular relevance to the automotive sector), plus rhodium, iridium and ruthenium.

Without further ado, here’s a recap of this week’s coverage:

• Ford Motor Co. and GlobalFoundries announced a partnership to work on semiconductor technology and boost supply for the automaker.
• Nucor Corporation will add a blast and prime line to its under-construction plate mill in Brandenburg, Kentucky.
• Global copper mine production increased by 3.3% during the first eight months of the year, the International Copper Study Group reported.
• The U.S. is facing a stainless steel shortage, a guest post this week warns.
• Aluminum inventories are moving toward zero, Stuart Burns explained.
• Norsk Hydro said it will begin construction on a new Michigan recycling plant in Q2 2022.
• Global crude steel production took a big step down in October, World Steel Association data indicate.
• According to a second estimate from the Bureau of Economic Analysis, U.S. real GDP increased by 2.1 in Q3 2021.
• President Joe Biden announced the Department of Energy will release 50 million barrels of oil from strategic reserves.

We’re off today and tomorrow but will resume regular coverage Monday.

But for now, we wish you a Happy Thanksgiving, MetalMiner readers!