Domestic European hot-rolled coil prices rose slightly Oct. 31, as weak import market demand continued to boost the performance of domestic European mills.
Rumored production cuts by mills due to maintenance works are likely to support prices, an Italy-based trader said. Weak demand forecasts for 2025 are expected to factor into mills’ decisions to reduce capacity, the source added.
“Now, there is no demand and there is no money from government(s) supporting the economy like they did in 2020-2021 in the COVID Crisis,” said a Germany-based trader source of the current market situation.
A Germany-based distributor source said that there was no pressure to reduce prices despite low consumption in the European market.
Platts assessed Northwest European HRC at Eur570/mt ex-works Ruhr Oct. 31, up Eur10 on the day.
Offers were reported at Eur600-640/mt EXW Ruhr. Tradable values were at Eur580-590/mt EXW Ruhr.
Platts assessed domestic HRC in Southern Europe at Eur555/mt EXW Italy, stable on the day.
Many market participants remained unwilling to bear the risk of purchasing imports due to CBAM regulations, quotas, antidumping investigations, and retroactive duties on steel arriving this year, according to a Germany based distributor source.
Platts assessed imported HRC in Northwest Europe at Eur515/mt CIF Antwerp, stable on the day.
Platts assessed imported HRC in Southern Europe at Eur535/mt CIF Italy, stable on the day.
