Indications are the "pricing in" could further support the European steel product price recovery from a slump earlier this year at the height of the first wave of the COVID-19 pandemic. North-west European domestic rebar prices have returned to pre-pandemic levels while North European domestic hot rolled coil prices are up 18% year to date. Continuing strong steel production and demand in China into Q4 have also helped uphold overall steel market sentiment.
US dollar volatility may, however, impact steel pricing after the US elections, observers said.
