European hot-rolled coil prices remained stable Nov. 28, as higher offers from suppliers were resisted by buyers.
Market participants faced significant uncertainty related to the CBAM and safeguards, which undermined buying confidence. Additionally, buyers were reducing their positions in anticipation of the year’s end.
The offers for hot-rolled coils were reported at $625-$650/mt ex-works Ruhr and $605-$615/mt ex-works Italy during the day.
Platts assessed domestic HRC in Northern Europe at Eur605/mt ex-works Ruhr, and in Southern Europe at Eur595/mt ex-works Italy, both stable day over day.
“There is a chance for further increase, however. But people are more likely to wait,” a trader said. “In terms of stocks, people are well supplied now, so there will be some resistance till Christmas, and then there will be more push for January and February production from mills.”
“Prices should be supported by demand when it comes,” a producer said. “Stocks are full, and there is uncertainty around CBAM, so that is preventing stronger price upside. But new trade measures will support an increase eventually. Some imports will be replaced by supply from the domestic market.”
Offers for cold-rolled coils were reported at Eur730-760/mt ex-works Ruhr. However, CRC buyers were seeking Eur710/mt delivered NW Europe, a producer said, adding that it was too low to accept. He estimated the gap between buyers and sellers at Eur50/mt.
Platts assessed domestic CRC in Northern Europe at Eur700/mt ex-works Ruhr, stable day over day.
