The European hot-rolled coil market remained quiet on Monday October 17, with discounts granted by some suppliers failing to spur trading activity, Fastmarkets heard.Fastmarkets calculated its daily steel HRC index, domestic, ex-works Northern Europe, at €683.75 ($664.65) per tonne on Monday, down by €16.25 per tonne from €700.00 per tonne on Friday.
The latest calculation of the index was down by €43.75 per tonne week on week and by €86.25 per tonne month on month.
Most buyers indicated a tradeable price for HRC in the region between €660 and €700 per tonne exw.
Transactions were reported at €660-670 per tonne exw, in line with offers from some integrated mills in the region.
Some producers cut their offers last week to fill gaps in their order books, Fastmarkets reported. Despite that, trading activity in the region has remained sluggish.
“Buyers are staying on the market sidelines. They have enough [HRC] in stock to wait,” a trading source in Germany said.
“The price decline actually flustered buyers. There is a lack of clarity, and a lack of understanding what the price bottom should be,” another source added.
Fastmarkets’ calculation of its daily steel HRC index, domestic, exw Italy, was €687.50 per tonne on Monday, down by €12.50 per tonne from €700.00 per tonne on Friday.
The latest calculation of the Italian index was down by €35.00 per tonne week on week and down by €75.83 per tonne month on month.
Distributors and stockholders in the nation estimated the tradeable price for HRC around €680-690 per tonne exw, although offers from local mills were still heard at €700 per tonne exw.
Producers were said to be ready to give discounts for reasonable tonnages, but Italian buyers preferred to hold back from trading.
Published by: Julia Bolotova