Transaction prices, however, remained below the targeted offer levels by producers, Fastmarkets understands.
German mills continued offering June-July delivery HRC at €670 ($743) per tonne ex-works.
A major Benelux-based mill was aiming for €670-680 per tonne ex-works for coil with June-July lead times, industry sources told Fastmarkets.
A leading integrated European steelmaker was still offering HRC at €700 per tonne ex-works or delivered, depending on location.
Italy-origin coil was heard offered to Germany at €680 per tonne delivered.
Buyer sources, however, estimated the tradeable market price at €640-660 per tonne ex-works.
Some low-tannage deals were reported at €650-660 per tonne delivered Germany, Fastmarkets understands.
“No trading is happening anywhere near €700 [per tonne for HRC],” a Benelux-based buyer source told Fastmarkets.
“Current momentum in the HRC market is not demand-driven. But the situation with imports and limited supply at some mills in the second quarter supported domestic prices,” a second buyer source based in Germany said.
As a result, Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €654.38 per tonne on Friday, down marginally by €0.20 per tonne from €654.58 per tonne on Thursday April 10.
The Northern European index was up by €2.55 per tonne week on week and by €18.55 per tonne month on month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €631.67 per tonne on Friday, up by €0.42 per tonne from €631.25 per tonne on Thursday.
The index was up by €4.17 per tonne week on week and by €11.67 per tonne month on month.
Domestic HRC prices in Italy have not show the same growth momentum as in Northern Europe recently. Sources said this was mainly due to muted downstream demand and buyers’ higher inventory levels.
The latest domestic offers for HRC with delivery in four to five weeks were heard at €660-670 per tonne delivered, equivalent to €650-660 per tonne ex-works.
An integrated European mill was still offering June-delivery HRC in the Italian market at €680-700 per tonne delivered, Fastmarkets understands.
However, no major transactions were heard in the Italian market, with most buyers estimating the tradable market level at €620-630 per tonne ex-works.
The market for imported HRC remained largely quiet with no fresh offers or deals heard in the market.
