In Northern Europe, transactions for HRC were reported at no higher than €655 ($743) per tonne ex-works for June-July delivery coils, versus the latest reported offers, which were at least €680 per tonne ex-works.
“The demand [for HRC] has been stable at low levels for quite some time; in June-July consumption traditionally dips, so I don’t think there are chances to increase [HRC] prices against low consumption,” a trading source told Fastmarkets.
At the same time, mills were unwilling to step back, considering looming long-term contract negotiations with end-users for the second half of 2025.
“That would be a [terrible decision], to drop spot prices [for HRC] now,” a supplier source told Fastmarkets.
Several sources told Fastmarkets on the sidelines of the Made in Steel trade fair, held in Milan on May 6-8, that mills were aiming for €800 per tonne for HRC in long-term contracts with automakers for the second half of 2025, against €700-750 per tonne for the first half of the year.
As a result, Fastmarkets’ calculation of the daily steel hot-rolled coil index domestic, exw Northern Europe was €654.98 per tonne on Tuesday, down by 2 cents per tonne from €655 per tonne on Friday May 2.
The index was up by only by 24 cents per tonne week on week and up by €3.15 per tonne month on month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €615 per tonne on Tuesday, down by €8.13 per tonne from €623.13 per tonne on May 2.
The index was down by €12.50 per tonne week on week, month on moth reduction was the same.
The Italian trading was also quiet on Tuesday.
The most recent offers varied within the range of €620-640 per tonne ex-works, while tradeable values were said to be €610-630 per tonne ex-works.
A deal was reported at €610 per tonne ex-works from one supplier.
Meanwhile, sources reported some pick-up in demand for overseas coil recently, as the price gap between European and import coil continued widening.
Notably, July-shipment HRC from Turkey was booked to Italy at €540 per tonne CFR, including the anti-dumping duty.
From Indonesia, offers were heard at €520-530 per tonne CFR to Italy, and at €500 per tonne CFR from Malaysia.
And one source reported HRC offers from India at €565-580 per tonne CFR.
