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European Steel Prices Slump as Factories Face Slowing Economy

  • Benchmark prices have dropped almost a third from March record
  • Steel inventories have been rebuilt since Russia’s invasion
Hot-rolled coil.

Hot-rolled coil.

Photographer: Alex Kraus/Bloomberg

European steel prices are plunging as weakening manufacturing demand combines with inventories that were replenished following Russia’s invasion of Ukraine.

Hot-rolled coil -- the benchmark flat steel product -- has dropped by almost a third since reaching a record in March. Prices are now trading below 1,000 euros ($1,042) a ton for the first time since February, according to Kallanish Commodities.