Steel domestic hot-rolled coil (HRC) prices edged up slightly in Northern Europe and in Italy, despite subdued market activity and buyers resisting higher offers from mills, Fastmarkets heard on Thursday September 24.
Sources in Northern Europe said that mills remain “quite aggressive” with their offers, trying to increase their prices for HRC, although noting that buyers are not easily accepting higher prices.
“Customers are reluctant, and although they need to buy, they are waiting for better deals or a general increase in market prices,” the source said.
Indications of workable levels were reported around €740-750 ($844-855) per tonne ex-works, while offers were heard hovering at €750-760 per tonne ex-works for October and November deliveries.
Higher offers were also reported at €770-780 per tonne ex-works, but market participants did not consider those levels to be achievable in deals yet.
No reports of new trading activity were heard during the day.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €741.67 per tonne on September 24, up by €1.67 per tonne from €740 per tonne on September 23.
The index was up by €3.34 per tonne week on week and by €11.67 per tonne month on month.
Meanwhile, demand in Italy also remained weak for HRC, with no reports of new offers or deals from market sources during the day.
Sources indicated workable levels at around €730-745 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €737.5 per tonne on September 24, up by €2.5 per tonne from €735 per tonne on September 23.
The index was up by €6.25 per tonne week on week and by €18.12 per tonne month on month.
