Will flat steel prices in Europe maintain their upward movement?

Over the past week, European steel producers have sharply increased their domestic flat steel prices, causing confusion in the market. Some steel mills have stopped giving offers to the market in the same period, while buyers have maintained a wait-and-see stance. European buyers are not sure that the increases in flat steel quotations will gain acceptance. However, domestic flat steel prices are expected to maintain their current levels amid the limited number of import flat steel offers given to the region and due to the upward movement seen in coal and iron ore quotations.
 
During the past week, hot rolled coil (HRC) prices in the local European flat steel market have increased by €35/mt on the lower end and by €60/mt on the upper end to €470-550/mt ($498-583/mt) ex-works. In the same period, cold rolled coil (CRC) prices have risen by €50/mt on the lower end and by €80/mt on the upper end to €590-660/mt ($625-700/mt) and hot dip galvanized (HDG) coil offers have moved up by €30/mt on the lower end and by €80/mt on the upper end to €560-670/mt ($594-632/mt), both ex-works.
 
€1 = $1.06