“Bookings are limited as [a] majority of buyers had already made deals when prices were lower,” a German service center said.
In addition, the mills have been focused on settlement of the half year and full 2024 contracts and remained fairly inactive in the spot market, some sources said. The mills have been trying to achieve contract price rollover in 2024 despite low real demand and largely pessimistic outlook. As a result, the increase of spot offers was used as an argument in the long-term agreements negotiations, sources said.
The bullish mood of the mills has been driven by good order books—the mills have been offering February delivery coil and longer lead times for imported material.
Platts assessed domestic prices for CRC in Northwest Europe at Eur775/mt ex-works Ruhr Dec. 6, up Eur15/mt on the day and Eur5/mt on the week.
Tradable values have been heard at Eur770-780/mt EXW Ruhr and offers at Eur800/mt EXW Ruhr.
Platts assessed domestic prices for HDG coil in the region increased Eur10/mt on week to Eur785/mt EXW Ruhr Dec. 6.
Tradable values have been heard at Eur770-800/mt EXW Ruhr and offers at Eur800-835/mt EXW Ruhr.
Author Maria Tanatar, Rituparna Nath