EUROPE HRC: Sentiment turns gloomy as more consumers close operations

The mood in the European hot-rolled coil market has been negative since the announcements of plant closures by a number of major car manufacturers, sources told Fastmarkets on Wednesday March 18.

This week, most major European car makers were set to close production units in response to the effects of the spread of 2019-nCoV coronavirus.
Market activity, in the meantime, has been low due to risks related to the coronavirus pandemic.
Northern Europe
Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?477.31 ($528.19) per tonne on Wednesday March 18, up by only ?,?0.31 per tonne day on day from ?,?477.00 per tonne on March 17. HRC is a major raw material for vehicle manufacture.

Today's index was calculated based on deals, "workable" prices and offers heard at ?,?470-490 per tonne ex-works. It was also based on bids heard at ?,?460-470 per tonne ex-works....

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