Domestic hot-rolled coil prices in Northwest Europe inched down Aug. 11 as some mills were willing to provide discounts to secure sales in a slow market, market sources said.
Some Italian mills have not been offering material due to seasonal maintenances and market slowdown in August, but they have said that they will look for higher prices in September.
Platts assessed domestic HRC prices in Northwest Europe down Eur5/mt on the day at Eur635/mt ex-works Ruhr on Aug. 11.
Market participants estimated tradable values in the Eur630-640/mt ex-works Ruhr range.
Platts assessed domestic HRC prices in South Europe at Eur635/mt ex-works Italy on Aug. 11, unchanged on the day. The assessment reflected tradable values heard in the market.
Italian steelmakers were likely to increase HRC offers to Eur700/mt ex-works Italy, according to some market sources.
Demand has been the main concern in the European market and steel consumption may not be strong enough in September to support price increases.
“The price rise is needed; the only question is — will there be demand to drive prices up?” a mill source said.
Significant volumes of imported coil booked at competitive prices and awaiting customs clearance or on the way to the EU have supported a negative sentiment in the market.
Platts is part of S&P Global Commodity Insights.
