European steel prices may have reached their lowest point with a slight revival of fortunes expected for 2016.

European steel mills have announced price hikes for first quarter business. It is unclear whether the price increases will be accepted by buyers.

German flat products prices may have bottomed out as buyers restock at the beginning of the year. However, carmakers have noted that falling auto sales to China may curb demand recovery.

In France and Italy, domestic mills have talked of price advances for January. However, weak demand and a high level of import penetration may hamper manufacturers’ efforts to lift transaction values.
Selling figures in Belgium and Spain continue to be under negative pressure from non-EU imports but domestic prices have largely stabilised, in January.

Source: MEPS - European Steel Review