Fastmarkets heard deals of small tonnages being purchased, with one trader in Northern Europe saying mills had become more rigid with their higher offers.
The trader added that they believe prices have reached a bottom.
“With the price increase, the mills clearly state the lowest price was reached,” the trader told Fastmarkets.
But other market participants in the region said prices for beams remained level with trading slow and demand weak.
Fastmarkets’ weekly price assessment for steel sections (medium) domestic, delivered Northern Europe, was €750-830 ($790-874) per tonne on Wednesday, widening upward by €30 per tonne from €750-800 per tonne on September 20.
Similarly, Fastmarkets’ weekly price assessment for steel sections (medium) domestic, delivered Southern Europe, was €750-830 per tonne on Wednesday, also widening upward by €30 per tonne week on week from €750-800 per tonne.
Fastmarkets heard that sections prices in Poland and Romania were relatively stable over the past week, with market levels ranging from €705-715 per tonne CPT, on a theoretical weight basis.
Meanwhile, hot-rolled coil feedstock prices fell in the past seven days amid slow trading and weak end-user demand.
Steelmakers in the region have cut back on production, sources said, with HRC traders believing the move could help balance supply and demand in the first quarter of 2024.
Fastmarkets’ daily calculation of its steel hot-rolled coil index domestic, exw Northern Europe, was €625.63 per tonne on Wednesday, down by €9.25 per tonne from €634.88 per tonne on September 20.
Published by: Holly Chant