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This week, the sentiment in the German steel market is generally sluggish, especially in the hot coil market SG500Q Grade D steel. The steel mill is currently actively negotiating with downstream parties on contract pricing for 2025. Downstream parties hope that steel mill prices will significantly decrease, but steel mills have a strong willingness to raise prices. One factor supporting prices is the EU's retroactive tariffs on steel imported from Egypt, India, Japan, and Vietnam. It is expected that the final tariffs will be retroactive from January this year SG500Q Grade D steel. In addition, despite weak demand, steel mills continue to produce in order to obtain free carbon emission quotas. However, with increasing market pressure, steel mills may choose to reduce production in early 2025.
