European HRC buyers were partially accepting higher offers for HRC, however traded volumes were still limited, sources said.
First-tier suppliers in Northern Europe were reportedly sold out for April-delivery coil and were offering HRC with May lead times around €640-660 ($669-689) per tonne ex-works.
Italy-origin HRC with April-May lead times was offered in Germany at €640-650 per tonne delivered.
Most buyer sources estimated tradable prices at €620-630 per tonne ex-works, Fastmarkets understands.
As a result, Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €626.83 per tonne on Friday, up marginally by just €0.16 per tonne from €626.67 per tonne on Thursday.
The Northern European index was up by €8.70 per tonne week on week and by €38.39 per tonne month on month.
Industry sources said they were expecting the uptrend to persist in the upcoming weeks — supported by restocking and limited availability of imports due to safeguards review and pending anti-dumping probe into certain origins.
Notably, the European Commission was expected to complete the steel safeguard measures review by the end of March, with any potential adjustments taking effect the following month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €612.50 per tonne on Friday, stable day on day.
The index was up by €5.42 per tonne week on week and by €30.00 per tonne month on month.
In Italy, most buyers estimated achievable prices at €610 per tonne ex-works on Friday.
Italian producers were offering April-May delivery HRC at €620-640 per tonne delivered, which would net back to €610-630 per tonne ex-works.
Trading was subdued in the nation, with buyers delaying purchases and awaiting more clarity on the steel safeguards measures review.
In the week to Friday, import HRC offers were broadly stable compared with the previous week.
From Asia, offers were reported at €550-580 per tonne CFR to Italy.
From Turkey, offers were reported at €590-600 per tonne CFR to Italy.
Overseas suppliers were offering HRC to Europe with lead times in the second quarter, so importing coil was getting increasingly risky since new safeguard measures were expected to take effect in April.
