Domestic European hot-rolled coil prices remained largely stable Nov. 26, as market sentiment was unchanged amid depressed market activity.
“Everyone agrees the market is bad at the moment and demand is weak,” as Italian producers and rollers are trying to increase prices, but these increases are not supported by local demand, an Italy-based trader source said.
Several sources expected no improvement to market sentiment or changes in market activity before the end of the fiscal year 2024. A Germany-based distributor summed up the dilemma facing the European Steel market as overproduction and underconsumption, as “end-user demand is sluggish, and distributors are purchasing minimally to manage inventory gaps.”
European mills face oversupply challenges and may need to reduce production further, with no immediate signs of demand recovery.
Platts assessed Northwest European HRC at Eur550/mt ex-works Ruhr Nov. 26, down Eur5 on the day.
Offers were reported at Eur550-600/mt ex-works Ruhr. Bids were reported at Eur520/mt ex-works.
Platts assessed domestic HRC in Southern Europe at Eur550/mt EXW Italy, stable on the day.
Platts assessed imported HRC in Northwest Europe at Eur530/mt CIF Antwerp, stable on the day.
Platts assessed imported HRC in Southern Europe at Eur525/mt CIF Italy, stable on the day.
