Domestic prices for European hot-rolled coil rose on April 29, as buyers accepted higher offers from mills amid a pickup in restocking demand in the market, according to sources.
“Demand is better as distributors have started to restock, but the volumes remain limited as end-user demand is still low,” a service center source said. “Prices will rise, but I do not expect any major movement.”
Market participants said mills need to be consistent with their offers, and too much of a price rise would not be accepted because of limited end-user demand.
“As long as mills stand firm on the target prices, they would be successful,” a trader source said. “Unless they try to ask for a high price rise of Eur50/mt. That would slowdown restocking.”
Platts assessed hot-rolled coil in Northwest Europe at Eur635/mt ex-works Ruhr April 29, up Eur10 on the day.
Deals have been heard at Eur630-650/mt EXW Ruhr, but the higher end of the range was only achieved in deals for small tonnages.
Tradable values were reported at Eur630-640/mt EXW Ruhr and offers have been reported at Eur640-645/mt EXW Ruhr.
Interest in imports remained low due to uncompetitive offers resulting from a higher Euro to US dollar exchange rate and longer lead times.
Platts assessed prices for imported hot-rolled coil in Northwest Europe at Eur610/mt CIF Antwerp April 29, stable on the day.
Meanwhile, Platts assessed domestic prices for hot-rolled coil in South Europe at Eur629/mt EXW Italy April 29, up Eur4 on the day.
Offers and tradable values were reported at Eur630/mt EXW Italy.
Platts assessed prices for imported hot-rolled coil in South Europe at Eur600/mt EXW Italy, stable on the day.
Devbrat Saha | Maria Tanatar
