The index was down by €7.88 per tonne week on week and by €26.50 per tonne month on month.
Mills in Northern Europe were heard offering material with October/early November delivery at €630-640 per tonne ex-works. Lead times were reported to be around six weeks.
These price levels, however, were too high, buyers said.
Fastmarkets’ sources estimated the workable market level at €580-600 per tonne ex-works.
“The market is so weak. No one is ordering big volumes. There is no restocking,” a seller source told Fastmarkets.
They added that the prices have reached their breakeven point; producers are not currently making a profit.
Strong competition for new orders among mills and steel service centers in Northern Europe has put downward pressure on prices for hot-rolled coil.
At the same time, buyers in the region continued to refrain from trading. Demand from the main steel-consuming sectors remains soft, with the summer slowdown also contributing to the slow trading.
In Southern Europe, Fastmarkets calculated its corresponding daily steel hot-rolled coil index, domestic, exw Italy at €600.00 per tonne on Thursday, unchanged from the previous day.
The index was down by €12.50 per tonne week on week and by €21.67 per tonne month on month.
Most market participants in Italy were still taking summer holidays, with trading in the region close to zero.
The sole Italian integrated mill producing HRC is expected to return to the market next week and offer fresh price levels.
The most recent offers were heard at the end of July at €640-650 per tonne delivered, which would net back to €630-640 per tonne ex-works.
Buyer sources estimated the workable price at €590-610 per tonne ex-works.
In terms of imports, no fresh offers were heard in the market.
