Import offers for hot rolled coil into Europe have started looking up again since last week, as the foregone conclusion of the continuation of safeguard measures for another three years circulated in the market.
Traders note the market is relatively silent in terms of bookings, but offers have increased again after a few weeks of coming down.
Indian suppliers are reported as the most competitive, at just under €880/tonne ($1,048) cif Italy. However, buyers are advised to take into account the additional 25% safeguard duty, as most new quotas will be filled by previously-ordered material as soon as they become available.
Other Asian suppliers are reported to be offering at €1,000-1,060/t cfr southern Europe, with shipment from end-August onwards. €1,050/t cfr is also the price reported for HRC from North Africa, Kallanish hears.
Since the end of May, import offers for HRC had been moving towards under €1,000/t cfr southern Europe, but now all market observers say securing HRC for less than €1,000 is virtually impossible. This is because the confirmation of safeguard measures has put new pressure on the future availability of HRC from non-EU sources.
Emanuele Norsa Italy
