Downstream flat steel prices continued to fall in Europe in the week ended Wednesday June 18, with depressed demand and a seasonal slowdown still affecting the market, trade sources told Fastmarkets.
Northern Europe
Industry sources estimated the workable market price for cold-rolled coil at €690 ($792) per tonne ex-works during the week to Wednesday, falling by €10 from €700 per tonne ex-works the previous week.
But offers were also heard at €685 per tonne ex-works.
As a result, Fastmarkets’ weekly price assessment for steel cold-rolled coil, domestic, exw Northern Europe, was €685-690 per tonne on Wednesday, falling from €700-720 per tonne the previous week.
Market sources cited “weak demand” and “market uncertainty” as the main factors behind the recent price drops, with mills redirecting their attention from CRC to other steel products.
“Amid current market conditions, mills are shifting focus away from CRC, with some buyers reporting no recent offers for cold-rolled material,” a buyer source told Fastmarkets. “Mills are largely steering clear of CRC, redirecting their efforts toward galvanized products.”
Prices for cold-rolled coil imported into Northern Europe also dropped in the week to Wednesday. Market sources reported offers from Asia at €640 per tonne CFR, compared with €650-655 per tonne CFR in early June.
Fastmarkets’ weekly price assessment for steel cold-rolled coil, import, cfr main port Northern Europe, was €640-660 per tonne on Wednesday, widening downward from €650-660 per tonne the previous week.
Meanwhile, the market for domestic hot-dipped galvanized coil also showed downward shifts during the assessment period.
Trade sources estimated the workable market for HDG at €700 per tonne ex-works this week, compared with €700-710 per tonne ex-works during the previous assessment period.
But sources also reported offers of HDG at €690 per tonne ex-works.
Therefore, Fastmarkets’ weekly price assessment for steel hot-dipped galvanized coil, domestic, exw Northern Europe, was €690-700 per tonne on Wednesday, falling from €700-710 per tonne in the previous week.
Import prices for HDG to Northern Europe showed no change during the assessment period.
Fastmarkets’ weekly price assessment for steel hot-dipped galvanized coil, import, cfr Northern Europe, stayed at €700-740 per tonne on Wednesday.
Southern Europe
Import prices for CRC in Southern Europe also fell in the week to Wednesday, according to market sources.
Reported offers of CRC dropped as low as €590 per tonne CFR in the week, while the lower end of offers from the previous week had hovered around €620-625 per tonne CFR.
Fastmarkets’ weekly price assessment for steel cold-rolled coil, import, cfr Southern Europe, was €590-630 per tonne in the week, falling from €620-635 per tonne in the previous week.
Import prices for HDG remained stable during the assessment period, however.
Fastmarkets’ weekly price assessment for steel hot-dipped galvanized coil, import, cfr main port Southern Europe, was €670-700 per tonne on Wednesday, unchanged week on week.
Domestic CRC and HDG prices were also stable in the week to Wednesday.
Fastmarkets’ weekly price assessment for steel cold-rolled coil, domestic, exw Southern Europe, was €680-700 per tonne on Wednesday, unchanged week on week.
Similarly, the weekly price assessment for steel hot-dipped galvanized coil, domestic, exw Southern Europe, was €700-720 per tonne on Wednesday, also unchanged week on week.
