Similarly, Fastmarkets’ weekly price assessment for steel sections (medium) domestic, delivered Southern Europe was €800-850 per tonne on Wednesday, widening upward by €20 per tonne from €800-830 per tonne a week earlier.
Trading was muted in the past seven days, with the sections market reopening after the winter holiday, sources said.
“We are not buying yet,” a trader in northern Europe said. “First we need to get used to 2024, and then customers need to start up business again. We will buy [our first material for the year] next week.”
But mills face increasing cost pressures, amid rising HRC feedstock prices, sources said.
Fastmarkets’ daily calculation of its steel hot-rolled coil index domestic, exw Northern Europe was €728.75 per tonne on Wednesday, up by €33.33 per tonne from €695.42 per tonne a week earlier, and up by €43.33 per tonne month on month.
HRC prices across Europe rose on bullish offers and tight supply, but buyers were skeptical of the tradability of higher market levels due to continued weak real steel demand.
Meanwhile, Fastmarkets heard sections prices in Poland at €770 per tonne and in Romania at €740 per tonne, on a theoretical weight basis.