Most European buyers of hot-rolled steel continued to postpone orders for Friday, October 17th, following price increases announced by suppliers earlier this week.
Market participants surveyed by Fastmarkets on Friday, both on the buyers' and sellers' sides, reported a lack of demand.
"There is no demand at all. Stocks show low purchasing activity. How long can this go on? A few more months," said the Italian buyer.
"Prices will be much higher next year, but some people still believe that CBAM[Carbon Border Adjustment Mechanism]will not take place or will be postponed and new protection measures will be changed. Not everyone understood the situation. I buy everything that is possible," the buyer added.
In addition to the uncertainty about regulatory measures, steel production at the plant in Northern Europe will be reduced for about a month, which may create a shortage in the market.
A Vlada Novokrestenova
Fastmarkets.com
