Fastmarkets calculated its daily steel HRC index domestic, exw Northern Europe at €558.33 ($598.39) per tonne on Monday, down by just €0.42 per tonne from €558.75 per tonne on November 8.
The index was up by €0.83 per tonne week on week and by €8.75 per tonne month on month.
Offers for the first quarter of 2025 were heard at €600-620 per tonne ex-works.
But according to Fastmarkets’ sources, even lower levels could be negotiated for this period at €570 per tonne ex-works.
Some small volumes with December lead times were booked at €530 per tonne ex-works, Fastmarkets understands.
Buyer estimations for the workable market level were at €550-560 per tonne ex-works.
“Demand remains very weak,” a buyer source told Fastmarkets.
“Currently, bookings are very limited. People have already purchased what they need for the first quarter of 2025 and the market is quiet again,” a second buyer source said.
Prices could even decrease slightly if bookings do not increase, according to the second buyer.
In Southern Europe, Fastmarkets calculated its daily steel HRC index domestic, exw Italy at €552.00 per tonne on Monday, down by €0.50 per tonne from €552.50 per tonne on Friday.
The Italian index was down by €3.00 per tonne week on week, but up by €7.00 per tonne month on month.
Italian suppliers offered HRC with lead times of five to six weeks at €570-580 per tonne delivered, which nets back to €560-570 per tonne ex-works, according to sources.
Buyer estimations were lower, at €540-550 per tonne ex-works.
For first-quarter delivery HRC, price ideas were around €620 per tonne delivered (€610 per tonne ex-works), but no deals have been reported at these levels yet.
Import HRC offers remain uncompetitive in Europe, Fastmarkets heard.
HRC from Turkey was on offer at €580-600 per tonne CFR to Italy, including the anti-dumping duty, while offers from Asia came in at €550-570 per tonne CFR.
Producers hope that limited imports and a stronger reliance on domestic suppliers will support a price rebound in the first quarter of the next year, but low demand remains a main concern, Fastmarkets understands.
