Domestic prices for hot-rolled coil in Europe moved down Oct. 6 due to weak demand and mills’ attempts to generate orders by giving discounts.
Platts assessed hot-rolled coil in Northwest Europe at Eur725/mt ex-works Ruhr Oct. 6, down Eur5/mt day on day.
Producers and distributors have reported tradable value at Eur700-730/mt ex-works Ruhr.
In Southern Europe, Platts assessed hot-rolled coil also down by Eur5/mt on the day at Eur720/mt ex-works Italy.
The assessment was based on tradable value reported at Eur700-730/mt ex-works Italy.
“It is difficult to pinpoint where the actual market price is as traded volumes remain low,” a service center said. “Prices still can move down further, but not significantly.”
Demand for HRC has remained limited across Europe as distributors have high inventories of flat steel that they were trying to reduce by year-end, and they have not been interested in new deals. In addition, they have also been competing with mills in the attempt to sell, pressuring on the prices.
Demand from end-consumers, including automotive and white goods segments, has also been reduced.
Steelmakers, in the meantime, have been trying to lower production to bring balance between supply and demand. However, these attempts have failed to support the prices or improve buyers’ interest.
Platts is part of S&P Global Commodity Insights.
— Maria Tanatar, Benjamin Steven
