European hot-rolled coil domestic prices remained stable on May 31, even as steelmakers offered discounts on extras to keep base price stable and to book volumes for the summer.
“The mills are willing to give discounts on extras to keep base price stable,” a service center source said. “Longer stoppages for summer maintenances are expected.”
The European Commission announced May 30 that it is considering a 15% cap per single country over the Tariff Rate Quota volume initially available in each quarter. Sources said that this would create problems for the buyers, who would either keep booked materials at the port or find other buyers in Africa or Middle east and might also pick up material from European mills if needed.
The buyers “would have to keep some booked material in ports for the next quarter,” a mill source said. “Some say that the buyers would have to turn to other exporters from Africa or the Middle East, but I think that the quota would remain not fully used and buyers will book from European mills if needed.”
Platts assessed domestic prices for HRC in Northwest Europe stable on the day at Eur630/mt ex-works Ruhr on May 31.
Tradable values have been reported at Eur620-640/mt EXW Ruhr and offers have been heard at Eur630-660/mt EXW Ruhr.
Platts assessed domestic prices for HRC in South Europe unchanged on the day at Eur625/mt EXW Italy on May 31.
Tradable values were reported at Eur620-630/mt EXW Italy and offers at Eur630/mt EXW Italy.
