The mood in the European domestic steel hot-rolled coil markets was upbeat on Monday February 16 amid news that the market leader was pushing for higher prices, Fastmarkets has heard.
Earlier in the day, several market sources reported that ArcelorMittal had increased its offer price for hot-rolled-coil to €750 per tonne delivered Northern Europe for May delivery, from the price of €700 per tonne delivered that was announced for April-delivery coil.
The information had not been officially confirmed by the company at the time of publication of this report. Few market sources believed that there would be an official announcement of this price rise by the company in the next few days, with strong order books being given as one of the key reasons for the upbeat tone.
One source reported the supplier selling some tonnages at €700 per tonne delivered, which would be equivalent to €685 per tonne ex-works.
“They want to pass the €700 per tonne delivered threshhold,” another buyer said.
Estimates of workable prices from other integrated mills in the region were said still to vary within the range of €650-660 per tonne ex-works, with an offer from a re-roller in the Benelux area reported at €650 per tonne ex-works, with trading said to be muted.
Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Northern Europe, was €660.00 ($782.34) per tonne on February 16, up by €4.17 per tonne from €655.83 on February 13.
The index was up by €6.67 per tonne week on week and by €19.50 per tonne month on month.
In Italy, the workable price range was very wide, depending on the tonnage, at €630-660 per tonne exw.
Minor tonnages were reported sold at €650-660 per tonne ex-works, while large tonnages, which were nowadays an exception, changed hands at €630-640 per tonne ex-works.
Fastmarkets’ daily steel HRC index, domestic, exw Italy, was calculated at €651.60 per tonne on February 16, up by €4.10 per tonne from €647.50 per tonne on Friday.
The index was up by €6.60 per tonne week on week and up by €20.35 per tonne month on month.
