European hot-rolled coil prices remained stable Dec. 4 as market sentiment was split, with producers voicing optimism and traders raising concern.
“Everyone believes price increases will come, so customers are booking material right now,” a mill source said. “I am positive about the price journey.”
A trader source said that the current market uncertainty surrounding CBAM and safeguards was making the environment difficult to operate in.
“Service centers are competing among themselves because of low orders,” he added. “Demand has not changed fundamentally.”
Participants also converged at the EUROMETAL steel trade day in Dusseldorf, in which many called for more action from the European Commission to ease this uncertainty.
Tradable values for domestic HRC in Northern Europe were reported at Eur600-620/mt ex-works Ruhr, with an offer pegged at Eur630/mt ex-works. Indicative offers for March/Feb deliveries were heard at Eur660-690/mt.
In Southern Europe, a tradable value was reported at Eur600/mt ex-works Spain.
Platts assessed domestic HRC in Northern Europe at Eur610/mt ex-works Ruhr, and in Southern Europe at Eur595/mt ex-works Italy, both stable day over day.
Import activity remained subdued, still hindered by confusion surrounding the recent release of draft CBAM benchmarks and default values. The same trader said that mills abroad “need to get certified quickly,” as some countries’ default values were slightly higher than expected.
Offers for imported Asian material were reported at Eur560-580/mt DDP Antwerp, inclusive of CBAM costs, while Turkish material was offered at Eur580/mt DDP Antwerp.
Platts assessed imported HRC in Northern Europe at Eur500/mt CIF Antwerp and in Southern Europe at Eur495/mt CIF S. Europe, both unchanged day over day.
Platts is part of S&P Global Energy.
