In Northern European, suppliers were focused on sustaining the current price level, rather than pushing for increase, sources said.
Local integrated suppliers had June-July delivery available at €650-670 ($729-752) per tonne ex-works, while a re-roller in the region was offering even lower prices of €630-640 per tonne ex-works.
Earlier this week, sources reported lower offers from one German integrated supplier — at €635 per tonne ex-works, but it was not widely confirmed by the market.
“Most likely it was an offer to their own steel service center,” a source in Germany said.
Buyers in the region estimated achievable prices at €630-650 per tonne ex-works.
Trading was muted. Buyers said they were expecting HRC prices to decline amid insufficient demand, while suppliers were unwilling to step back, citing sufficient order books.
Sources also suggested that mills were unwilling to cut spot prices due to looming long-term contracts negotiations with end users for the second half of 2025.
“Mills aim to get higher prices [for HRC] in long-term contracts for the second half of 2025, but it’s an unlikely scenario, considering weak consumption,” a buyer source in Germany said.
As a result, Fastmarkets’ calculation of the daily steel hot-rolled coil index, domestic, exw Northern Europe was €646.25 per tonne on May 14, down negligibly by €1.75 per tonne from €648.00 per tonne on May 13.
The index was also down by €6.25 per tonne week on week and by €7.50 per tonne month on month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy was calculated at €613.75 per tonne on May 8, rising by 0.58% from €610.00 on May 13.
The index was stable week on week, but down by €18.75 per tonne month on month.
In Italy, offer prices for HRC with June delivery from one integrated mill were reported at €620-630 per tonne ex-works, with some room for discount.
The latest offers from another integrated mill for July delivery were heard at €600-610 per tonne ex-works, but the mill was reportedly not very active in the spot market due to ownership turmoil and problems with equipment, sources told Fastmarkets.
Buying was also slow in Italy.
“Nobody is rushing for volumes in uncertain market. Buyers push for lower prices, but mills resist so far,” a trading source in Italy said.
Offers for overseas coil were largely unchanged on Wednesday.
Turkey-origin coil for shipment in July was available at €550-570 per tonne CFR to Italy, duty paid.
From Indonesia and Malaysia, offers were reported at €510-520 per tonne CFR.
From Indian mills, offers were around €570-580 per tonne CFR.
