[CHECK PRICE]
https://dashboard.fastmarkets.com/p/MB-STE-0028
The index was down by €10.33 per tonne week on week and by €43.13 per tonne month on month.
Offers for HRC in Northern Europe were heard in the range of €700-710 per tonne ex-works. Compared to late February, when hot-rolled coil was offered at €730-750 per tonne ex-works, this is a decrease of €30-40 per tonne.
But these lower offers did not stimulate trading, and no major deals were heard in the market.
“Buyers prefer to live ‘hand-to-mouth’ and do not stockpile [HRC],” a German trader said.
Fastmarkets sources estimated the tradable market level to be in the range of €670-690 per tonne ex-works.
“Demand is very low because buyers wait for the ‘rock bottom’ of HRC prices,” a buyer source told Fastmarkets.
The buyer source added that only small tonnages of 100-200 tonnes were traded in the spot market, but there was no restocking.
A second buyer source told Fastmarkets that mills were still expected to cut output, but there was no official information from steel producers in that regard.
“This is the only option for the mills. Further price reduction makes no sense because the result will be lower prices, but customers will still not be motivated to buy,” the second buyer source added.
But other market sources pointed out that such a decision would not have an immediate effect on the market, because it takes some time to idle a blast-furnace. Besides, a few mills have just restarted some capacity in January and February.
In early 2024, several European steelmakers restarted blast furnaces that were idled in late 2023.
In Southern Europe, Fastmarkets’ corresponding daily steel HRC index, domestic, exw Italy was calculated at €670 per tonne on Monday, down by €1.67 per tonne from €671.67 per tonne on March 15.
[CHECK PRICE]
https://dashboard.fastmarkets.com/p/MB-STE-0892
The index was down by €5 per tonne week on week and by €60.83 per tonne month on month.
Offers for HRC in Italy were heard at €690 per tonne delivered, which nets back to about €680 per tonne ex-works.
Market participants estimated the tradable market level in the range of €660-670 per tonne ex-works.
Offers of imported material remained limited in the European market.
From Asian suppliers, HRC offers for June-July arrival were reported at €580-600 per tonne CFR.
May-shipment HRC from India was offered to Italy at €600 per tonne CFR.
Some bids for Asian HRC in Italy were heard at €550 per tonne CFR.
No fresh deals have been reported on Monday.
“Both domestic and import [HRC] prices are declining, so buyers prefer to wait,” a buyer in Italy said.
“Besides, there are high chances that some quotas might be quickly exceeded, and duties will be applied, so that also limited demand for imported coil,” he added.
