European domestic prices for hot-rolled coil remained largely stable July 9, even as some European mills were heard to have raised their offers.
“Some European mills are increasing offers for October rolling,” a service center source said.
Sources said that the prices were largely stable, and market activity was limited due to the summer holidays, noting that the situation is unlikely to improve until end of August.
“Nothing is really happening in the market,” a Germany-based mill source said. “Production is too high, and demand is too low, almost 20% less than last year.”
“Demand is still very poor,” a distributor source said. “It will probably remain the same till end of July/August holidays.”
Platts assessed Northwest European stable on the day at Eur620/mt ex-works Ruhr July 9.
Offers were heard at Eur630-645/mt EXW Ruhr.
Meanwhile, Platts assessed domestic HRC prices in South Europe stable on the day at Eur620/mt EXW Italy.
Tradable values were heard at Eur640-650/mt delivered Italy.
Interest in imported HRC remained low due to changes in the safeguard measures and longer lead times. The quotas for countries subject to the safeguard measures had already been exhausted on the first day of the new quarter, according to official data.
Sources noted that buyers may custom clear only the part of material that they don’t have to pay duty on, while the rest might remain at the ports to avoid paying duties.
“First of all, the buyers have to manage the relevant quantity of materials already arrived in the ports before thinking about demand from imports,” the distributor source said.
Platts assessed imported HRC in Northwest Europe at Eur595/mt CIF Antwerp, down Eur5 on the day.
Offers were reported at Eur600/mt CIF Antwerp for material originating from Turkey, including antidumping duties.
Meanwhile, Platts assessed imported HRC in South Europe stable on the day at Eur605/mt CIF Italy.
For Turkey-origin material, offers were reported at Eur610/mt CIF Italy, including antidumping duties. For Asia-origin material, offers were reported at Eur600/mt CIF Italy.