Domestic prices for European hot-rolled coil remained stable Sept. 4 amid muted activity in the market, with stagnant demand and excess supply placing a strain on market fundamentals.
“At the moment, there are not many people buying,” a trader source said. “Maybe from next week [there will be] some medium to long term agreements.”
“The problem is low demand,” a distributor source said.
Market sources noted that the outlook for the next few months remains bleak, as consumer interest remains lower than usual for this time of the year. Despite mills attempting to lower prices, consumers are not interested, and are looking forward to the beginning of next year, sources said.
“In Italy, I doubt there are service centers that need to buy,” the trader source said.
Interest in imported HRC remains uncertain, especially as a combination of safeguard measures, long lead times and expensive freight rates weigh on market fundamentals.
Platts assessed Northwest European HRC at Eur590/mt ex-works Ruhr Sept. 4, stable on the day.
Tradable values were reported at Eur580-600/mt ex-works Ruhr.
Meanwhile, Platts assessed domestic HRC prices in Southern Europe at Eur590/mt ex-works Italy, also stable on the day.
Platts assessed imported HRC in Northwest Europe stable on the day at Eur559/mt CIF Antwerp and imported HRC in Southern Europe stable on the day at Eur560/mt CIF Italy.
Geraint Moody | Devbrat Saha