In the Benelux area, transactions for HRC lots of 1,000 tonnes were reported at €630 ($654) per tonne ex-works for April-May delivery.
In Germany, deals were reported at €620-630 per tonne ex-works.
Buyers’ estimates of tradeable values for HRC across Northern Europe were heard at similar levels of €620-630 per tonne ex-works on Monday.
Market sources noted that the uptrend was expected to persist in the coming weeks, despite a lack of real demand.
“Customers are complaining [about HRC price increases] but they are still ordering. New safeguards are coming [from the EU authorities], so very few buyers dare to book imported coil,” a supplier in the region said.
“It is clear that if you don’t book [HRC] today, tomorrow you’ll have to pay more,” a buyer source in Germany said.
As a result, Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at €627.92 per tonne on Monday, up by €1.09 per tonne from €626.83 per tonne on Friday.
The Northern European index was up by €9.17 per tonne week on week and by €36.67 per tonne month on month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy, was calculated at €616.25 per tonne on Monday, up by €3.75 per tonne from €612.50 per tonne on Friday.
The index was up by €6.25 per tonne week on week and up by €28.75 per tonne month on month.
In Italy, buyers’ estimates of achievable prices were reported within the range of €600 to €625 per tonne ex-works on March 3. Some sources, however, pointed out that the lower end of that range was no longer achievable.
European suppliers were offering May-delivery HRC to Italy at €660 per tonne delivered.
An Italian mill was hoping for €640-660 per tonne delivered for April-May delivery HRC, trade sources said. Trading activity has improved recently, but was “far from booming,” they added.
“Everyone buys hand-to-mouth. There is too much uncertainty around safeguards, and real demand is still not supportive of huge price rises,” a buyer in Italy said.
“Real demand for steel remains subdued, but apparent demand has picked up due to the situation with [the safeguards review on] imports, and expectations of a continued uptrend,” a second buyer in Italy said. “The market [for HRC] is very speculative now.”
Regarding imports, offers to the European market were still limited.
Asia-origin coil with April-May shipment was offered to Italy at €560-570 per tonne CFR.
Turkish suppliers were offering coil at €590-600 per tonne CFR, including anti-dumping duty/
More clarity on the situation regarding imports was expected by the end of March, when the current review of the European Commission’s steel safeguards was expected to be completed.
