European flat steel market recovered in November

In November, flat steel prices in Europe generally stopped falling and recovered. At the end of November, the prices of hot rolled steel coil, cold rolled steel plate and hot-dip galvanizing steel in EU steel mills rose by $5, $11 and $33 month on month, respectively, to $471, $566 and $621; the prices of medium and thick steel plate fell this month, down $67 from last month, to $543.

After a long-term decline, the European market finally stopped falling and rebounded, rising in the context of steel demand not significantly improved, which means that European steel prices have approached the cost line, supported by the cost, so there has been a stop drop and rebound.

Turkish steel mills began to purchase scrap in January next year, and the international scrap price began to rise. With the coming of cold weather, the cost of scrap recovery in the United States and Europe has increased, which has led to the increase of scrap purchase price. Therefore, steel mills intend to increase the steel price to cope with the pressure of raw material cost. In terms of trade, Europe continues to restrict the import of resources into Europe, and the EU has planned to reduce the annual growth of steel import quota from 5% to 3% from October 1. It is expected that the European flat steel market will run smoothly in December.

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