Domestic hot-rolled coil prices in Europe were largely stable Sept. 7, while trading activity was dull amid low demand.
Distributors have been focused on reducing stocks, and in some cases competing with the mills, market sources said.
Demand from end-users has been limited as steel consumption from the construction industry was low and outlook for vehicle manufacturing was largely negative.
“It seems that prices will move down despite attempts of the mills to increase offers,” a distributor source said. “Demand is unlikely to improve, and large volumes of cheap import will enter the European market in October.”
Fourth-quarter safeguard quota was expected to fill within the first couple of days of October because significant volumes were awaiting customs clearance at European ports. As a result, buyers preferred waiting until Asian suppliers started offering January delivery.
Platts assessed domestic hot-rolled coil price in Northwest Europe unchanged on the day at Eur655/mt ex-works Ruhr on Sept. 7.
Market participants estimated tradable values in the Eur640-670/mt ex-works Ruhr range.
Platts assessed domestic hot-rolled coil prices in South Europe down Eur5/mt on the day at Eur640/mt ex-works Italy. The assessment was based on tradable values heard in the market.
Author: Maria Tanatar