Domestic prices for hot-rolled coil remained unchanged in Europe May 13 on limited end-user demand.
“Demand is not good enough,” a trader source said. “But mills are trying to keep prices higher.”
Mills in the EU pushed offers higher, as import offers from Asia became uncompetitive due to longer lead times and risks related to safeguard measures in the EU.
Buyers have been re-stocking in limited volumes, as they avoid building up inventory at high levels, even as public holidays in most European countries further slowed demand.
“Market is challenging,” a service center source said. “Even though our turnover has improved on re-stocking demand, I expect prices to decrease further.”
Platts assessed domestic prices for HRC in Northwest Europe stable on the day at Eur635/mt ex-works Ruhr May 13.
Tradable values were reported at Eur620-640/mt EXW Ruhr. No offers or deals were heard.
Meanwhile, Platts assessed imported HRC in Northwest Europe stable on the day at Eur610/mt CIF Antwerp.
Offers for imported HRC from Taiwan and India were heard at Eur615-630/mt CIF Antwerp, while rejected firm bids for 5,000mt were heard at Eur595/mt CIF Antwerp.
Platts assessed domestic prices for HRC in South Europe stable on day at Eur630/mt EXW Italy May 13.
Import offers from Asia did not support the sentiment in the market. Offers of HRC from Taiwan, India and Japan were heard at Eur620-630/mt CIF Italy for end of July shipment.
