“Stocks are full and there is very little buying activity,” an Italian buyer source told Fastmarkets.
In the absence of deals, estimates of workable prices in the country varied within the range of €600-610 ($699-711) per tonne ex-works.
The key supplier, however, increased offers for January-February delivery to €650 per tonne delivered, which is equivalent to €630-635 per tonne ex-works. This compares with €630 per tonne delivered in late November.
A compatriot producer’s recent target was €630 per tonne delivered or €610-615 per tonne ex-works, following sales in late November at €610 per tonne delivered.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €613.33 per tonne on Friday, up by €11.45 per tonne from €601.88 per tonne on Thursday December 4.
The index was down by €10.83 per tonne week on week but up by €19.16 per tonne month on month.
Both buyers and sellers in Italy expected prices to strengthen in the coming weeks amid the approaching introduction of the Carbon Border Adjustment Mechanism (CBAM), a measure equalizing carbon costs between EU and non-EU industries.
In Northern Europe, offers did not increase but narrowed in early December. Sources said that no material was available in the region below €630 per tonne ex-works. The general range was €630-650 per tonne ex-works versus €620-650 per tonne in late November.
No fresh deals were heard on Friday. Estimates of workable prices varied within the wide range of €610-630 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was €622.50 per tonne on Friday, up by €2.50 per tonne from €620.00 per tonne on Thursday.
The index was up by €7.50 per tonne week on week and by €22.50 per tonne month on month.
Domestic HRC prices in Central Europe remained stable this week.
Fastmarkets’ weekly price assessment for steel hot-rolled coil domestic, exw Central Europe was €610-620 per tonne on Wednesday, unchanged week on week.
