Due to the shortage of automotive chips, the European automotive industry consumed less steel this year than expected. Therefore, some local mills released excess production capacity to the market.

In addition, the supply in the domestic market continued to increase, coupled with buyers' sufficient inventory, the cold-rolled coil (CRC) prices this week have fallen.

However, in order to avoid price dropping, European mills adopted conditional trading and sales. At present, the mills’ orders have been scheduled until the early 2022 delivery.