In Northern Europe, local producers were aiming for some €30-50 ($32-53) per tonne rises for CRC and HDG with January-February delivery.
Firm offers were still rare, however, sources said.
One mill estimated the price for CRC at €750-770 per tonne ex-works and around €780-800 per tonne ex-works for HDG.
Another producer pointed out, however, that for first-quarter delivery, prices for both CRC and HDG in the region “should start with ‘8’ just to cover costs of production.”
Buyers, however, estimated tradable values lower, at €700-720 per tonne ex-works for CRC and €720-740 per tonne ex-works for HDG coil.
The major problem was deteriorating demand from key consumers — the construction and automotive industries — and severe competition between
steel-service centers and distributors in the downstream market.
“There is a severe competition between SSC’s and stockholders, as everybody is trying to lower inventories for December,” a distributor said.
Fastmarkets’ weekly price assessment for steel cold-rolled coil domestic, exw Northern Europe was €710-720 per tonne on Wednesday, up by €10 per tonne from €700-710 per tonne on October 25.
And the corresponding weekly price assessment for steel hot-dipped galvanized coil domestic, exw Northern Europe was €720-740 per tonne on Wednesday, widening upward by €15 per tonne from €720-725 per tonne seven days earlier.
Import CRC and HDG offers were getting scarce as some suppliers withdrew from the market to reconsider prices.
“[A South Korean mill] will only come back with new offers in mid-November, and they will be increasing the price,” a trading source in Southern Europe said.
Offers of Japan-origin CRC for January shipment were reported at €675-680 per tonne CFR to Southern Europe.
Turkish suppliers, however, were able to offer December shipment, January delivery CRC at €700-710 per tonne CFR.
A Vietnamese supplier was offering $820-830 per tonne CFR for 0.5mm HDG with Z100-120 coating for Janaury shipment.
Published by: Julia Bolotova