European domestic hot-rolled coil prices softened Aug. 2 as the week closed with subdued market activity and sluggish demand.
“There is very little activity,” a mill source said. “Customers are not interested in booking significant tonnages.”
“Prices [remain] stable at lower levels,” a second mill source said.
Demand for material remains low due to high inventory levels, sources said. They added that customers are re-stocking as per requirements, and are actively avoiding building up inventory, especially as the summer holiday season is in full swing.
“Customers have enough material to cover the rest of the year,” a distributor source said. “Customers will re-stock as required without building inventory.”
“Most [market participants] in Germany are closed,” a third mill source said.
Platts assessed Northwest European HRC at Eur615/mt ex-works Ruhr Aug. 2, down Eur5 from Aug. 1.
Tradable values were reported at Eur610-630/mt EXW Ruhr, with one tradable value reported at Eur600-620/mt EXW Northwest Europe. Offers were reported at Eur640-660/mt EXW Ruhr.
Meanwhile, Platts assessed domestic HRC prices in Southern Europe at Eur615/mt EXW Italy Aug. 2, down Eur5 on the day.
Offers were reported at Eur630/mt EXW Italy. Tradable values were reported at Eur600-620/mt EXW Italy, while tradable values for larger tonnages were reported at Eur590-600/mt EXW Italy.