European domestic hot-rolled coil prices edged up slightly on Wednesday March 11 amid challenging market conditions for importers and growing production costs, Fastmarkets heard.
Market sources said concerns persist with imported materials, with import flows affected by the implementation of the EU’s Carbon Border Adjustment Mechanism (CBAM) earlier in the year as well as other trade rules.
In addition, the situation for the market remains unclear after the escalation of the US-Iran conflict, according to sources, which has caused surges in prices for energy and raw materials while also impacting logistics and freight costs.
Meanwhile, a buyer-side source said that while real demand levels remain low in European markets, speculative demand is high as a result of the conflict and shifting geopolitical dynamics.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €705.98 ($816.89) per tonne on March 11, up by €1.60 per tonne from €704.38 per tonne on Tuesday March 10.
Offers were heard around €710-720 per tonne ex-works. Meanwhile, estimates of workable levels were heard around €700-710 per tonne ex-works.
The index was up by €10.41 per tonne week on week and by €53.48 per tonne month on month.
In Italy, offers were heard at €700 per tonne ex-works, while estimates of workable levels were reported around €680-690 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €688.75 per tonne on Wednesday, up by €1.25 per tonne from €687.50 per tonne on March 10.
The index was up by €12.50 per tonne week on week and by €41.58 per tonne month on month.
