European hot-rolled coil market continued to face downward pressure on May 23 as falling spot demand, competitive import offers and seasonal uncertainties undermined mill attempts to stabilize prices.
In Southern Europe, tradable values were widely heard between Eur590-610/mt ex-works Italy, with some tube producers able to secure Eur580-590/mt for higher tonnages, mill and distributor sources said.
“The market is very low — prices are falling, not sharply, but steadily. Mills are trying to hold their position, but demand is very weak,” one market participant said.
Offers from key Italian producers were heard around Eur620/mt ex-works, although buyers were holding off on major purchases in anticipation of further decreases.
“Everyone is looking for a better price, so they are waiting,” one trader said, adding that prices around Eur610/mt may be possible next week.
In Northern Europe, prices showed relative stability but limited traction, with tradable values reported at Eur620-625/mt ex-works Ruhr.
Market participants noted that European mills, despite aiming for Eur700/mt earlier in the year, were forced to accept lower levels to maintain order books.
“The correction was triggered by a major mill; others followed,” another source said.
Import offers continued to exert strong pressure, especially from Indonesia, where coil was being offered at Eur500-510/mt CIF Italy and Eur520-525/mt CIF Antwerp. While some pipemakers secured large volumes from Indonesian suppliers, smaller buyers remained cautious due to long lead times and limited sizing flexibility.
“Not everyone is satisfied with the quality, but in general, it’s acceptable,” a second trader said.
Market outlook remained soft heading into summer, with most participants expecting HRC base prices in Italy to fall below Eur600/mt ex-works in the coming weeks.
“There’s a lot of stock with the mills and not much consumption — maybe things will pick up again in October,” one distributor said.
Platts assessed domestic HRC in Southern Europe at Eur605/mt ex-works Italy, down Eur5 day on day, and HRC in Northwest Europe at Eur630/mt ex-works Ruhr, stable on the day.
Platts assessed imported HRC in Southern Europe at Eur520/mt CIF Italy and in Northern Europe at Eur530/mt CIF Antwerp, both down Eur5 on the day.
