European domestic prices for steel hot-rolled coil remained steady on Wednesday March 18 following prolonged limitations on imports resulting from trade regulations and shifting geopolitical dynamics, Fastmarkets understands.
The introduction of the EU’s Carbon Border Adjustment Mechanism (CBAM) early in the year, and the conflict in the Middle East disrupting normal trade flows, have shifted market dynamics toward domestic production.
According to market sources, prices will continue to rise as long as the US-Iran conflict persists, while market representatives also noted that real consumption in Europe was still low.
Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at €710.12 ($817.38) per tonne on March 18, down by €0.01 per tonne from €710.13 per tonne on March 17.
Estimates of tradable prices were heard around €700-720 per tonne ex-works, but no new trading was reported during the day.
The index was up by €4.14 per tonne week on week and by €47.31 per tonne month on month.
Meanwhile, in Italy, estimates of workable prices were heard around €700 per tonne ex-works, again with no fresh trading heard during the assessment period.
Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy, was calculated at €698.33 per tonne on Wednesday, up by €0.83 per tonne from €697.50 per tonne on March 17.
The index was up by €9.58 per tonne week on week and by €43.33 per tonne month on month.
