European HRC prices hold largely steady amid lackluster demand, low restocking levels

European domestic hot-rolled coil prices remained largely steady July 24 amid limited re-stocking activity and a pessimistic market sentiment.

“Market has been slow,” one service center source said. “There has been no serious restocking.”

“Europeans will have a tough time,” another service center source said. “No increase in demand is expected in the next six to eight weeks.”

Market sources also said that import interest remains weak due to large quantities of material already waiting at ports, as well as higher prices caused by rising freight rates and the impact of the new EU safeguard measures.

“Increase in freight [prices] is eating margins,” a service center source said.

As a result, market participants are currently prioritizing domestic material over imports, sources said.

Platts assessed Northwest European HRC at Eur630/mt ex-works Ruhr July 24, up Eur5 on the day.

Tradable values were reported at Eur620-630/mt EXW Ruhr, and offers were heard at Eur650-660/mt delivered Germany July 24.

Meanwhile, Platts assessed domestic HRC prices in Southern Europe stable on the day at Eur625/mt EXW Italy July 24.

Tradable values were reported at Eur620-640/mt.

Geraint Moody | Devbrat Saha