European hot-rolled coil prices inched down July 3 as further pressure from imports and mixed outlooks dampened sentiment within the market.
Many participants reiterated the subdued market conditions at the outset of the European summer holidays as the industry converged at the EUROMETAL 75th Anniversary conference in Luxembourg.
A distributor source said a favorable euro/US dollar exchange rate was making raw materials slightly cheaper for mills, giving them some relief in times where prices have fallen around Eur100/mt since the end of April.
A mill offer was reported in Northern Europe at Eur550/mt ex-works Ruhr, with tradable values in a range of Eur540-560/mt on the day, as sources at the event reiterated the wider conditions, and referred to the potential for lower prices to be attained for high tonnage enquiries.
In Southern Europe, market participants said activity was limited. An offer was reported at Eur545/mt ex-works Italy, with a tradable value being reported at Eur540/mt.
On the import side, prices fell further in both Northern and Southern Europe as offers from Turkey and Indonesia continued to get more competitive.
In Southern Europe, offers for Turkish HRC were reported at Eur500-505/mt CIF Italy duty paid, and for Indonesian material at Eur470/mt CIF Italy.
Indonesian material in Northern Europe was offered at Eur470-480/mt CIF Antwerp.
“Most people are stocking up on imports now,” a trader source said. “Indonesia and Saudi Arabia seem to be alternatives for now – people are always trying to find different sources for material not subject to safeguards,” he added.
Platts assessed imported HRC in Northern Europe at Eur480/mt CIF Antwerp, down Eur10 day over day, and in Southern Europe at Eur475/mt, down Eur15 day over day. Both prices assessed are at their lowest levels since 2021.
Platts assessed domestic HRC in Northern Europe at Eur555/mt ex-works Ruhr, down Eur5 day over day, the lowest level since December 2024. In Southern Europe, HRC was assessed at Eur540/mt, stable day over day and the lowest level since October 2024.
Platts is part of S&P Global Commodity Insights.
