Currently, European steel mills have sold off their hot rolled coil (HRC) quota for delivery in the third quarter, and the price gap between different mills continues to widen.
The confidence of local buyers in buyers began to decline, but in early June, domestic prices still rose thanks to the mills. Thus, distributors have very small inventories, so they maintain stable demand and wait for the price trend in China before deciding on continuous purchases.
In addition, EU safeguards, which have not yet been announced, may also affect the willingness of buyers. Market participants believed that the price could remain stable at the current level or could rise slowly due to a lack of supply.