“Demand is very anemic,” a mill source said. “I think we will have to wait two to three weeks for prices [to rise].”
Market sources have also said that in southern Europe, the holiday season is in full effect and will likely be prolonged for more than usual given the struggling nature of the market.
“People are not looking for material,” a trader said.
For imported HRC, while prices from Asia-Pacific remain attractive, sources have noted that when the import quotas and rising freight rates are taken into account, prices are not far off from domestic European prices.
Platts assessed Northwest European HRC at Eur620/mt ex-works Ruhr July 17, down Eur5 on the day.
Meanwhile, Platts assessed domestic HRC prices in Southern Europe stable on the day at Eur625/mt ex-works Italy July 17.
Platts is part of S&P Global Commodity Insights.