Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €603.75 ($629.30) per tonne on Friday, up by €0.42 per tonne from €603.33 per tonne on Thursday.
The Northern European index was up by €4.58 per tonne week on week and by €30.42 per tonne month on month.
In Northern Europe, market sources noted improved buying activity in the first half of February, compared with very low levels observed throughout January.
“There are more inquiries, more deals being closed. It’s no longer possible to book [HRC] below €600 [per tonne ex-works],” a mill source told Fastmarkets.
“Apparent demand did improve – there is restocking going on. But the major driver for [HRC’s] price recovery is the import situation; real demand is still subdued,” a buyer source said.
A review of existing steel safeguard measures was launched by the European Commission on December 17 and is expected to be concluded by the end of March, with any changes taking effect on April 1.
Offers from German mills for April-delivery coil were reported at €620-630 per tonne delivered (€610-620 per tonne ex-works).
Italy-origin coil with April lead times was offered to Germany at €650 per tonne delivered.
One supplier in the Benelux area was aiming for €620-640 per tonne ex-works, and a re-roller was aiming for €610 per tonne ex-works, according to sources.
In the week to February 7, ArcelorMittal announced higher offers for April/May-delivery HRC in the European market, reaching €660 per tonne ex-works or delivered, depending on the destination.
Buyers estimated achievable prices at €600-605 per tonne ex-works on Friday.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €595.42 per tonne on Friday, up by €1.85 per tonne from €593.75 per tonne on Thursday.
The index was up by €2.92 per tonne week on week and up by €25.42 per tonne month on month.
Italian buyers remained cautious about making bookings, so traded volumes in the spot market were low.
Local suppliers were heard offering April-delivery HRC at €600-630 per tonne delivered, which would net back to €590-620 per tonne ex-works.
A major European supplier was offering HRC with second-quarter lead times to Italy at €650-660 per tonne delivered.
Buyers’ estimates of tradable prices stood at €590-600 per tonne ex-works on Friday.
The market for imported HRC remained quiet in the week to Friday, with few offers available.
Most overseas suppliers were offering end-March-April shipment, according to sources.
Indonesia was heard offering HRC to the Italian market at €540-560 per tonne CFR, Fastmarkets understands.
Material from South Korea and Japan was on offer to Italy at €580 per tonne CFR.
Turkey was heard offering HRC to Italy at €590-600 per tonne CFR, including the anti-dumping duty.
