Steelmakers in Northern Europe were offering June-July delivery coil at €670-700 ($744-777) per tonne ex-works.
Italy-origin coil was offered to Germany at €680 per tonne delivered.
Offers, however, were still above tradable values reported by buyers sources mainly at €640-650 per tonne ex-works on Thursday.
As a result, Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €654.58 per tonne on Thursday, up marginally by €0.83 per tonne from €653.75 per tonne the previous day.
The Northern European index was up by €4.08 per tonne week on week and by €22.70 per tonne month on month.
Trading in the spot market was limited so far, with buyers only booking minimal tonnages to cover urgent needs.
“There has been muted trading for months. Buyers say their stocks are low, but in line with current demand,” a steel-service center source in Germany said. “if demand picks up slightly and/or supply decreases, and buyers need more [HRC], then prices can potentially go up more.”
“So far, demand-supply balance is ok. Lower production at Salzgitter, the three-month maintenance at [ArcelorMittal] Dunkirk and lower imports due to trade measures [are supporting] local prices. But real demand remains a problem,” a mill source said.
At the same time, ongoing volatility, created by the US tariffs, was casting shadows on real demand developments in the longer run.
“The impact of the US tariffs are unforeseeable because it changes every day, and one single tweet can turn the markets topsy-turvy overnight. If automotive tariffs remain in place, weaker automotive consumption might bring more tonnages to the spot market,” a buyer said.
In Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €631.25 per tonne on Thursday, unchanged from the previous day.
The index was up by €6.25 per tonne week on week and by €11.25 per tonne month on month.
Offers for HRC with around five weeks lead times from one local supplier were reported at €660-670 per tonne delivered (€650-660 per tonne ex-works).
Another supplier was aiming for €630 per tonne ex-works, sources said.
Estimation of tradable prices from buyers was still reported at €620-630 per tonne ex-works.
A European mill was offering June-delivery coil to Italy at €700 per tonne delivered. But some sources said it was possible to get €680 per tonne delivered for larger tonnages.
The market for imported coil was largely quiet, with only few offers heard to Italy amid safeguard amendments and anti-dumping measures.
From India, HRC offers India to Italy were reported at €580-590 per tonne CFR.
Turkey continued offering HRC to Italy at €580-600 per tonne CFR, including the anti-dumping duty.
