Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at €560.00 ($591.61) per tonne on November 29, up by €0.67 per tonne from €559.33 per tonne on Thursday.
The index was down by €2.50 per tonne week on week but up by €4.58 per tonne month on month.
Trading was quiet, but several trading sources expected more activity next week.
“Buyers will need to sort January booking ahead of the Christmas break,” a market source in Germany said.
He added that in Germany many trading companies, steel service centers (SSCs) and original equipment manufacturers (OEMs) would already be closed for Christmas holidays in the week starting December 16, for three-to-four weeks, so the market would be “dead.”
Besides, in the following week, the outcome of long-term contract negotiations with automotive OEMs and steelmakers should be more clear, which would “set the tone for spot sales,” market sources said.
As Fastmarkets has reported, buyers were expecting discounts for first-half and full-year 2025 contracts, while mills were hoping for a price rollover.
One OEM in the region said that it had booked HRC volumes for the second half of 2024 at €730-740 per tonne, and hoped for €650 per tonne in the new negotiations.
Meanwhile, in the spot market, offers of January-February delivery HRC from first-tier mills in the region were still being heard at €600 per tonne ex-works, but no confirmed trading has been done at this price so far.
“We haven’t had evidence of any transaction [at €600 per tonne ex-works]. The buyers are still in wait-and-see mode,” an SSC in the region said.
Estimates of tradeable values were reported by buyer sources at €550-570 per tonne ex-works on Friday.
Meanwhile, in Southern Europe, Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Italy, at €558.33 per tonne on Friday, flat from Thursday.
The Italian index was down by €1.25 per tonne week on week but up by €9.70 per tonne month on month.
Sources expected more clarity on the price direction in the Italian market in the next two weeks, when deals for HRC with first-quarter delivery should be finalized.
Buyer sources estimated an achievable price around €570-580 per tonne delivered (€560-570 per tonne ex-works), while target offers from local suppliers in Italy were heard at €600 per tonne delivered (€590 per tonne ex-works).
Trade restrictions and an offer-bid disparity kept trading quiet in the imported HRC market as well, trade sources said.
Besides, overseas suppliers were offering late-January shipment, which would mean March arrival. Such long lead times in the highly volatile market kept buyers away from imports.
In the week to Friday, HRC offers from Asian mills were heard in the range of €555-570 per tonne CFR, and at €590-600 per tonne CFR from Turkey.
Buyers estimated an achievable price for imports at €520-530 per tonne CFR, but no such offers were confirmed in the market.
One source suggested that €540 per tonne CFR could be achieved for larger tonnages.
