The price of hot-rolled coil (HRC) in the European market remains stable. However, actual demand is still weak, and the price increase of upstream steel mills is difficult to drive downstream manufacturers, as increased costs have affected the entire supply chain. 

Previously, the European Union made regulatory changes to the import quota and revised the import volume, but the reaction of buying sentiment was lukewarm, and the market has turned from optimistic to conservative. There is no more demand coming out, and most buyers only deal according to need, so wait-and-see and postpone purchases have become the mainstream. 

The price hike of HRC is concentrated in steel pipe factories. They originally relied on imported HRC, but are now turning to increase inquiries for local supply. 

At this stage, HRC originating from Indonesia is still exempt from import tariffs, so there is news that a large number of orders are flowing to Indonesian mills, even if with longer delivery and relative risks.