European domestic hot-rolled coil prices held steady May 2 amid subdued spot market activity and a cautious outlook, with market participants expecting more direction to emerge during the upcoming Made in Steel fair in Milan, Italy.
Market participants noted another quiet session due to national holidays in parts of Europe, where mills were largely offering for end-June shipment.
“We’ve had three very slow weeks,” a mill source said. “Everyone is hoping the trade fair brings clarity — both on spot demand and mill positioning.”
Despite the slow pace, domestic mills were said to be relatively well-booked, leaving them in no rush to cut prices competitively. However, sources noted some flexibility on large-volume deals. “Expectations for the second quarter are largely priced in, so negotiation space is wider if buyers come with volume,” the mill source said.
Platts assessed hot-rolled coil in Southern Europe at Eur620/mt ex-works Italy and in Northwest Europe at Eur650/mt ex-works Ruhr, both stable day over day.
Several import offers were noted, with Indonesia emerging as an active origin. Around 100,000 mt from Indonesia are expected to arrive in the current quarter, along with similar volumes from Vietnam, the source said.
Import HRC offers to Italy were heard at Eur530-550/mt CIF from Indonesia, Eur550/mt from Saudi Arabia and Eur580-590/mt CIF from Turkey, duty paid. To Northwest Europe, Indian-origin HRC was heard at Eur560-570/mt CIF Antwerp, while Turkish offers were cited at Eur590-600/mt CIF Antwerp, duty paid.
Platts assessed imported HRC in Northern Europe at Eur540/mt CIF Antwerp and in Southern Europe at Eur530/mt CIF Italy, both stable day over day.
