Prices for domestic steel hot-rolled coil edged down slightly in Northern Europe on lower indications from buyers, while the Italian market was still largely quiet and slow, sources told Fastmarkets on Friday August 21.
In Northern Europe, a buyer indicated workable prices within the range of €700-720 ($818-841) per tonne ex-works.
No other price points were received during the day as many market participants were still away.
For this reason, prices received on August 20 were carried over to the following day, in line with Fastmarkets methodology.
On Thursday, a seller source reported offers for material with delivery in the fourth quarter at €725-745 per tonne ex-works, and deals at €715 per tonne ex-works.
On the same day, a buyer source reported deals within the range of €730-740 per tonne ex-works and a second buyer indicated tradeable levels at €710-715 per tonne ex-works.
The market was still slow during the August holiday period, but sources said HRC consumption was increasing in Germany, with some mills targeting prices as high as €800 per tonne ex-works for deliveries in October.
But views on these increases were mixed, with some sources expecting buyers to pay such prices, while others were skeptical that the increases would be achieved.
“This is just targeting, I hear the same. But we need to wait and see who books what,” a trade source said on Friday.
The corresponding Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €722.08 per tonne on August 21, down by €2.30 per tonne from €724.38 per tonne on August 20.
The index was up by €3.33 per tonne week on week and by €12.08 per tonne month on month.
In Italy, participants were expected to return to work in the week of August 24, so the market was largely inactive on Friday.
The latest offers and indications were reported within the range of €700-720 per tonne ex-works in the previous days.
As a result, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was €712.50 per tonne on August 21, unchanged from August 20.
The index was down by €1.25 per tonne week on week but up by €13.12 per tonne month on month.
