Domestic prices for European hot-rolled coil remained stable on Sept. 19, amid muted activity in the market, as buyers awaited prices to bottom out.
“The market is quiet,” a Germany-based service center source said. “European mills are struggling because prices have not bottomed out. I’m not seeing any big orders.”
Sources noted that from October onward, mills might hike prices in order to prepare for next year, however, nothing was confirmed yet. Market participants were already focusing on the first quarter of 2025.
“Mills will try to hike prices in October,” the source said. “September is bottom for prices, from October might see higher prices. Everybody is already talking about Q1 2025.”
Sources also noted that the only solution to support prices is to reduce capacities, adding that countries such as India have already reduced capacities by 20%, and that Europe should follow.
Platts assessed Northwest European HRC stable on the day at Eur555/mt ex-works Ruhr on Sept. 19. Offers were reported at a range of Eur560-570/mt ex-works Ruhr from buy-side sources.
Platts assessed domestic HRC prices in Southern Europe also stable on the day at Eur555/mt EXW Italy, with offers reported at Eur570/mt EXW Italy.
Interest in imported HRC remained weak due to rumors around additional antidumping investigations and concerns around longer lead times.
“Nobody is booking imports,” the source said. “Anti-dumping investigations are a big concern for imports.”
Platts assessed imported HRC in Northwest Europe stable on the day at Eur545/mt CIF Antwerp.
Meanwhile, Platts assessed imported HRC in Southern Europe at Eur535/mt CIF Italy, down Eur5/mt on the day.
