Depressed demand and bearish sentiment continued to drag on buying.
New import quotas on October 1 could prompt a rebound of imported hot-rolled coil into Europe; buyers opted to remain out of the market until gaining greater clarity on import offers, sources told Fastmarkets.
Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €637.50 ($679.44) per tonne on September 18, up by €2.62 per tonne from €634.88 per tonne on September 15.
The index was down by €7.50 per tonne week on week, and up by €1.25 per tonne month on month.
Estimations of tradeable values for HRC in Northern Europe were reported by buyers at €630-650 per tonne ex-works on Monday.
Since early September, offers for October- and November-delivery coil in the region have been reported around €640-670 per tonne ex-works. The upper end of the range was considered unfeasible given current market conditions, sources said.
“Restocking continues to be postponed as buyers look to October, when new import quotas begin,” a buyer source said.
Fastmarkets’ calculation of its daily steel hot-rolled coil index domestic, exw Italy was €626.25 per tonne on September 18, up by just €0.25 per tonne from €626 per tonne on September 15.
The Italian index was also down by €11.25 per tonne week on week, and down by €3.75 per tonne month on month.
Demand remained weak in the Italian HRC market on September 18, Fastmarkets heard.
Buyers’ price ideas were around €620-640 per tonne EXW, for October-November delivery.
A deal was reported by a buyer in the region at €620 per tonne EXW.
“The market is dead at the moment,” a second buyer source said.
Offers for imported stock remained scarce on September 18; however, a few offers from Asian-origin exporters were reported at €600-610 per tonne CFR for 2024 arrival, Fastmarkets heard.
Published by: India-Inés Levy