European domestic hot-rolled coil market was largely quiet on Tuesday July 7, staying in a price-discovery phase, with both sellers and buyers estimating the effect of the recently announced import quotas.
As a result, Fastmarkets indices for Northern European and Italian local hot-rolled coil prices remained largely unchanged in day-on-day comparison.
The daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €691.25 ($789.98) per tonne on July 7, down by €1.88 per tonne from €693.13 per tonne on July 6.
physical://instrument/MB-STE-0028
The index was up by €8.12 per tonne week on week and down by €0.42 per tonne month on month.
The most recent indications of offers in the region came within the range of €690-715 per tonne ex-works, while estimates of the tradeable level came at €680 per tonne ex-works, which are now more theoretical due to the practical absence of trading activity.
“I spoke to several customers, and they told me that they had the feeling the price downward trend stopped. They think it will stabilize and after the summer break it will go up,” a service center in the Benelux area told Fastmarkets.
Another service center source from the same area shared the same opinion about the price movement expected in September-October rather than immediately.
The Italian market was also quiet, with mills being out of the market since the second half of last week.
Nevertheless, on Monday, information came to light about a booking within the range of €685-690 per tonne ex-works, whereas another source estimated the tradeable range within the range of €660-680 per tonne ex-works.
On Tuesday, no new information was reported. Thus, Fastmarkets’ assessment of the daily steel hot-rolled coil index domestic, exw Italy was €678.75 per tonne on July 7, unchanged day on day.
physical://instrument/MB-STE-0892
The index was up by €11.25 per tonne week on week but down by €0.83 per tonne month on month.
