Fastmarkets’ daily calculation of the steel hot-rolled coil index, domestic, exw Northern Europe was €646.75 ($727.11) per tonne on Monday May 12, down by €4.92 per tonne from €651.67 per tonne on Friday May 9.
One of the mills in the region reportedly dropped offers to as low as €635 per tonne ex-works, but even this price did not spark any trading, a buy-side source told Fastmarkets.
A second producer was also heard to be cutting offers, but, according to a source within the company, its prices remained in the range of €640-660 per tonne ex-works.
Estimates of workable prices were still coming in at €640-660 per tonne ex-works, but no business was heard done during Monday.
In Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €610 per tonne on Monday, down by €1.67 per tonne from €611.67 per tonne on Friday.
The assessment was based on offers heard in the range of €600-620 per tonne ex-works, depending on the mill.
“[The HRC market in] Italy is really weak — high stocks at distributors and slow real demand,” one source said, adding that import offers are “getting interesting.”
Lately, July-shipment Turkey-origin coil has been available at €550-555 per tonne CFR to Italy, duty paid, Fastmarkets heard.
From Indonesia and Malaysia, offers for July-shipment coil were reported at €510-520 per tonne CFR, while Indian material was available at €560 per tonne CFR.
In Northern Europe, material from Indonesia and Malaysia was said to be available around €510 per tonne CFR, and coil from India was reportedly at €570 per tonne CFR.
