The European hot-rolled coil market fell June 27 due to weak demand.
Platts assessed hot-rolled coil in Northern Europe down Eur10/mt from the previous session at Eur845/mt ex-works Ruhr June 27, S&P Global Commodity Insights data showed.
Producer sources considered the tradable value at Eur850/mt ex-works Ruhr and Eur830-Eur850/mt ex-works Ruhr, respectively, as prices continued to fall.
“There is still downward pressure on domestic prices from poor demand,” said a mill source. “There is no light at the end of this tunnel — prices will drop further.”
End-consumer demand was “non-existent,” according to multiple sources.
HRC was assessed stable in the Southern market at Eur780/mt ex-works Italy.
Service center sources said prices of Eur780/mt ex-works Italy were achievable, with another service center source citing a buyer bid level at Eur780/mt against offers at Eur820-Eur830/mt ex-works Italy.
Offers in the import market were reported at Eur740-Eur760/mt CIF Italian ports ex-Asia.
Sources cited a potential downward price driver from the Turkish market on the day, with a mill ready to offer HRC competitively at $650/mt FOB Italy ex-Turkey — the equivalent of Eur690-Eur695/mt CFR, duty included.
— Benjamin Steven, Maria Tanatar