European market quiet as buyers withdraw

European market quiet as buyers withdraw

According to reports to SteelOrbis, most buyers in Spain and Italy have filled their warehouses and order books for Q4 arrival now and have basically exited the purchase market. This situation is very disappointing for many traders as they have last week been peddling their HRC mainly ex Angang, Mobarakeh, Tata and SAIL. As the view is that prices are not likely to jump any more than they already have, steel users have taken a more relaxed approach now and do not expect to enter the market again until the end of October for a Q1 shipment/arrival. The market might well be very quiet during the upcoming three weeks in Europe.