Fastmarkets’ daily steel HRC index, domestic, exw Northern Europe, was calculated at €654.92 ($721.34) per tonne on Monday, down by €1.08 per tonne from €656.00 per tonne on July 28.
The latest calculation of the Northern European index was down by €0.91 per tonne week on week and by €19.18 per tonne month on month.
Market participants were largely absent from trading, resulting in seasonally slow activity.
“[The market] is dead at the moment,” a trading source said.
Some sources forecast that there would be a pick-up in demand by September and said that mills could look to achieve price rises before the autumn.
During the week to July 28, one mill in Germany expected to achieve €700 per tonne ex-works for November-rolling HRC, according to market sources. It remained uncertain whether this price would be achieved.
Offer prices of HRC were in the range of €660-680 per tonne ex-works, while buyers’ estimates of tradeable prices were still being reported at €650-660 per tonne ex-works.
Meanwhile, Fastmarkets calculated its daily steel HRC index, domestic, exw Italy, at €635.00 per tonne on Monday, down by €9.58 per tonne from €644.58 per tonne on Friday.
The Italian index was down by €10 per tonne week on week and down by €15 per tonne month on month.
Trading in the Italian market was almost nonexistent, but this was typical during the summer-holiday period.
Buyers reported tradeable prices for September-October-delivery HRC at €630-640 per tonne ex-works on Monday.
“Market activity is completely dead,” the first trading source said, “especially in Italy because of the summer holidays.”
Published by: India-Inés Levy