Workable prices for domestic HRC in Northern Europe were estimated in the range of €580-585 ($687-693) per tonne ex-works, but no sales were heard during the day.
Fastmarkets’ calculation of the daily steel hot-rolled coil index, domestic, exw Northern Europe, was €581.25 ($688.49) per tonne on Wednesday, down by €3.75 per tonne from €585.00 per tonne on September 16.
The Northern European index was down by €1.88 per tonne week on week but up by €12.08 per tonne month on month.
Trading was still limited, with buyers cautiously waiting for more clarity on the EU’s Carbon Border Adjustment Mechanism (CBAM) and for demand to pick up momentum.
According to one market source, mills were “still pushing for higher offers,” but the market will start to show “more movement” once regulations become clearer.
Prices for overseas coil also increased over the past week.
Fastmarkets’ weekly price assessment for steel hot-rolled coil, import, cfr main port Northern Europe, was €500-520 per tonne on Wednesday, narrowing upward from €490-520 per tonne the previous week.
In the Italian market, hot-rolled coil offers were heard around €570-580 per tonne ex-works, but no trades at those levels have been reported.
Buyer estimates of tradable prices were in the range of €550-570 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy, was €553.33 per tonne on Wednesday, down by €2.92 per tonne from €556.25 per tonne on Tuesday.
The Italian index was up by €4.83 per tonne week on week and by €15.83 per tonne month on month.
Meanwhile, offers of overseas HRC increased over the past week.
Offers from Turkey were heard around €530-540 per tonne CFR, including the EU anti-dumping duty, while offers from India were reported at €530 per tonne CFR.
Offers from Indonesia were also heard at €510-515 per tonne CFR.
Fastmarkets’ weekly price assessment for steel hot-rolled coil, import, cfr main port Southern Europe, was €510-530 per tonne, rising from €485-520 per tonne during the previous assessment period.
