Domestic hot-rolled coil (HRC) prices in Northern Europe and in Italy were broadly unchanged on Wednesday April 1, with limited trading activity amid prolonged uncertainty in the market and the Easter holidays fast approaching, Fastmarkets heard.
“Buyers don’t know if prices will go up further, so they don’t want to overspend” a source said but added that persistent limitations with imports might cause prices to go higher.
However, no new trading was reported during the day for May-June delivery coil, with fewer orders and enquiries in the market in the run-up to the holiday, sources said.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €711.50 ($818.48) per tonne on April 1, unchanged day on day.
The index was down by €3.50 per tonne week on week and up by €25.43 per tonne month on month.
The Italian market also remained quiet on April 1, with no new transaction activity reported during the day.
Market participants still estimated workable levels for domestic HRC at €690-700 per tonne ex-works.
Fastmarkets’ steel hot-rolled coil index domestic, exw Italy was calculated at €695 per tonne on Wednesday, also unchanged day on day.
The index was down by €2.14 week on week, but up by €24.37 per tonne month on month.
According to sources, real consumption remains weak, with recent upward trends linked to the introduction of new trade regulations, like the EU’s Carbon Border Adjustment Mechanism (CBAM), which has limited import volumes while favoring domestic production.
Meanwhile, prices for imported HRC decreased in parts of the market with some assessments reflecting lower offer levels, while others tightened at the lower end.
Fastmarkets’ weekly price assessment for steel hot-rolled coil import, cfr main port Southern Europe was €610-640 per tonne on Wednesday, decreasing from €640-690 per tonne the previous week.
A transaction was reported from Turkey to Southern Europe at €610-620 per tonne CFR, while offers from Turkey and Algeria were heard at €610-640 per tonne CFR.
On the other hand, prices for imported HRC to Northern Europe narrowed up in the week to April 1, with offers from Turkey heard at €620-685 per tonne CFR.
Therefore, Fastmarkets’ weekly price assessment for steel hot-rolled coil import, cfr main port Northern Europe was €620-685 per tonne, narrowing up from €608-685 per tonne the previous week.
The DDP assessment for HRC imports to Southern Europe also decreased amid reports of lower offers from Asian origins heard around €690 per tonne DDP, while offers from Turkey were heard around €720 per tonne DDP.
Fastmarkets’ weekly price assessment for steel hot-rolled coil import, ddp Southern Europe was €690-720 per tonne on April 1, decreasing from €720-740 per tonne the previous week.
The DDP assessment for imported HRC to Northern Europe was unchanged.
