And price undercutting among steel service centers in Europe could put pressure on downstream prices, Fastmarkets understands.
Fastmarkets calculated its daily steel HRC index domestic, exw Northern Europe at €645.00 ($690.04) per tonne on Monday, up by €0.21 per tonne from €644.79 per tonne on September 8.
The index was down by €14.17 per tonne week on week, but up by €0.42 per tonne month on month.
Most buyers estimated the tradable values for HRC in Northern Europe at €640-650 per tonne EXW.
Fastmarkets’ calculation of its corresponding daily steel HRC index domestic, exw Italy was €637.50 per tonne on Monday, up by €4.17 per tonne from €633.33 per tonne on September 8.
The Italian index was down by €0.83 per tonne week on week, but up by €3.82 per tonne month on month.
Most buyer estimates put the workable price at about €625-640 per tonne ex-works, with some higher indications reported at €670 per tonne EXW.
Offer prices were reported at closer to €660 per tonne ex-works for October/November delivery and any offers above €640 per tonne EXW were not considered workable given the current market conditions.
Import offers from Asia for shipment in the first quarter of 2024 were reported at €610-620 per tonne CFR to Italy.
Published by: India-Inés Levy