The week started Nov. 13 on a steady note for European domestic hot-rolled coil prices as market participants hugged the sidelines awaiting a sense of price direction.
Platts assessed the price of hot-rolled coil in Northwest Europe at Eur 650/mt Nov. 13, stable from the previous session.
“[I] will have better views [about prices] later in the week,” a Belgium-based service-center source said.
Deals were heard concluded for base-grade coils at around Eur640-650/mt basis ex-works Ruhr levels while offers were heard ranging within Eur670-700/mt ex-works Ruhr levels, according to sources.
Buyers were heard holding back from booking large volumes as they remained unsure of demand fundamentals.
Even if mills were keen to hike prices, sellers in the current market were unable to pass down the costs entirely, according to sources.
“[On the] real end, customers’ demand is an issue as the cost-effectiveness of production for them, as well as for factories, continues to limit the potential for price increases,” a distributor source said.
Asian mills in Vietnam and Taiwan were heard offering coils to European buyers at Eur610/mt CIF Antwerp levels, according to sources.
Platts assessed the price of imported hot-rolled coil delivered to Northwest Europe down Eur5/mt from the previous session at Eur610/mt basis CIF Antwerp.
Authors: Rituparna Nath, Laura Varriale
