The European HRC markets remained stable on June 9, amid holidays in Northern Europe and a lingering bearish backdrop.
Although the North of Europe was largely out of the market due to national holidays, sources in the south continued to share negative views toward demand-side fundamentals, noting that the increased level of competition to capture orders was further suppressing prices.
“On both the domestic and import side, price adjustments are happening,” said an Italy-based trader. “Buyers are saying I have enough stock for now, nothing has happened, but prices have gone down.”
A South European service center source reiterated the quieter conditions and increased competition to fill capacities in the market.
“It would still be quiet if they were working in the North, the uncertainty on prices is paramount at the moment, and our customers are just going day by day,” the service center source said. “Mills are slashing prices to pick up quantities and any inquiries. We are all fighting for any order, which means there are no margins.”
Platts assessed domestic HRC in Northwest Europe at Eur600/mt ex-works Ruhr and Southern Europe at Eur585/mt ex-works Italy, both unchanged on the day.
Platts assessed imported HRC in Northwest Europe at Eur520/mt CIF Antwerp, and in Southern Europe at Eur510/mt CIF Italy, both stable day over day.
