Domestic European hot-rolled coil prices remained stable Oct. 11, as buyers remained hesitant to accept higher offer levels, even as import prices increased along with domestic offers by European mills.
“Domestic EU producers have increased their offers, driven by increasingly positive expectations that prices in the Chinese market will rise,” a Germany-based distributor said.
“European mills are trying to increase prices,” an Italian trader said, noting uncertainty over whether buyers will purchase at these higher prices.
“Many buyers [are] hesitant to accept these new price levels due to ongoing weak demand from the automotive and construction sectors,” the source said.
As a result, a significant price increase by a large European mill during the week ended Oct. 11 faced strong resistance from buyers, according to the source. Buyers remain cautious with sufficient inventory stock levels and market uncertainty over the future price direction.
Platts assessed Northwest European HRC at Eur550/mt ex-works Ruhr Oct. 11, stable on the day.
Offers were reported at Eur565-590/mt ex-works Ruhr. Tradable values were reported at Eur550-560/mt ex-works Ruhr.
Meanwhile, Platts assessed domestic HRC in Southern Europe at Eur545/mt ex-works Italy, stable on the day.
Offers were heard at Eur590/mt for s235JR 2.5-8mm HRC ex-works Italy Oct. 11.
Import market activity improved following reports of price increases at comparable levels to domestic European mill offer prices, according to an Italy-based mill source.
“[Asian import prices are] reflecting a slight increase from previous weeks, as the import price aligns itself with domestic European mill offerings,” a Germany-based distributor said.
The higher price was attributed to a price rise by a large European mill, with other suppliers following suit.
Platts assessed imported HRC in Northwest Europe at Eur535/mt CIF Antwerp, stable on the day.
Meanwhile, Platts assessed imported HRC in Southern Europe at Eur535/mt CIF Italy, stable on the day.
