European domestic hot-rolled coil prices remained fairly stable on Feb. 2 as buyers limited purchase volumes due to high inventory levels.
“A lot of import has arrived in Europe and volumes booked earlier from European mills have also arrived,” a service center source said. “As stocks have gone up, the buyers are not willing to accept higher prices.”
Market participants also remained hesitant about near-term price trend due to lack of real demand and improved supplies as steelmakers restart idled blast furnaces.
Deals have been reported at Eur750-760/mt ex-works Ruhr. Tradable values were reported at Eur730-770/mt ex-works Ruhr.
Platts assessed the price of domestic hot-rolled coil in Northwest Europe down Eur5/mt on the day at Eur755/mt ex-works Ruhr Feb. 2.
Interest in imported material remained muted, which aided domestic sentiment.
“Nobody is keen to buy import due to long lead times,” a trader said. “Further delays caused by the geopolitical issues at the Black Sea and concerns regarding safeguard quotas are also decreasing demand for imports.”
Offers for imported HRC were heard at Eur710/mt CIF Antwerp from Asia.
Platts assessed the price of imported HRC in Northwest Europe down Eur20/mt on the day to Eur660/mt CIF Antwerp Feb. 2.
In South Europe, deals for HRC were heard at Eur750/mt ex-works Italy and offers were heard at Eur750/mt ex-works Italy. Tradable values were estimated at Eur750-770/mt delivered Italy.
Platts assessed the price of domestic HRC in South Europe stable on the day at Eur750/mt ex-works Italy Feb. 2.
Imported HRC offers were heard at Eur630-680/mt CIF Italy from Asian mills. Turkish mills made offers at above Eur700/mt ex-works Italy, including anti-dumping duties.
Platts assessed the price of imported HRC in South Europe stable on the day at Eur675/mt CIF Italy Feb. 2.