European HRC market remains subdued amid holiday closures

The European hot-rolled coil market remained quiet on Monday August 21 amid ongoing seasonal closures.

Buyer sources in the hot-rolled coil market were bearish regarding future price direction. At the same time, mill sources reported greater optimism regarding post-holiday opening prices.

Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at €634.58 ($689.68) per tonne on Monday, down by just €1.67 per tonne from €636.25 on August 18.

The index was also down by €10 per tonne week on week and by €21.67 per tonne month on month.

Buyers and mills remained largely absent from the market because of summer holiday closures.

Activity was expected to rebound toward the end of August and beginning of September when mills reopen following closures, sources said.

Buyer sources estimated tradeable levels in Northern Europe to be around €630-640 per tonne ex-works for September-rolling coil.

Fastmarkets’ calculation of its corresponding daily steel hot-rolled coil index, domestic, exw Italy, was €630.00 per tonne on August 21, unchanged from August 18.

The Italian index was down by €3.68 per tonne week on week, and down by €8.33 per tonne month on month.

The Italian market was seasonally quiet, with trading close to nil.

Buyer estimates were in the region of €620-640 per tonne ex-works, close to trading levels before the holiday season began.

Offers for November/December-delivery HRC from Asian mills were reported at €600-610 per tonne CFR to Italy on Monday.

Published by: India-Inés Levy