However, the lack of new imports due to trade measures was still named the major driver for a price rebound, Fastmarkets heard.
European buyers were cautious about booking HRC from imports due to pending safeguard measures and the potential trade risks these might create, sources said.
German mills were aiming for €630-660 ($660-692) per tonne ex-works for April-delivery HRC, “with a minimal room for discounts,” sources said.
A major mill in the Benelux area was offering HRC at €630-640 per tonne ex-works.
Buyers in Northern Europe estimated tradable values at €600-620 per tonne ex-works on Tuesday.
One buyer in Germany said that it was “nearly impossible to get HRC below €620 per tonne ex-works from German mills.”
As a result, Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €606 per tonne on Tuesday, up by €1 per tonne from €605 per tonne on Monday.
The Northern European index was up by €4.60 per tonne week on week and by €32.25 per tonne month on month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €597.50 per tonne on Tuesday, up by €2.50 per tonne from €595.00 per tonne on Monday.
The index was up by €3.75 per tonne week on week and up by €27.50 per tonne month on month.
In Italy, local producers were also aiming for higher prices, sources said.
Notably, one mill in the nation was aiming for €640 per tonne delivered (€630 per tonne ex-works) for April-delivery coil, while another targeted €620 per tonne delivered (€610 per tonne ex-works). This was an increase from €610-620 per tonne delivered and €590-600 per tonne delivered for March lead times respectively.
A European supplier was offering HRC with second quarter lead times at €660 per tonne delivered to Italy.
However, none of the mentioned offers was considered workable by Italian buyers.
“The level of stock [at buyers’ disposal] allows them [buyers] to wait. New offers are too high, the downstream market is still rather weak, so purchasing [HRC] at prices above €600 [per tonne ex-works] is not viable for us,” a steel service center in Italy said.
Buyers’ estimations of tradable values were still reported at €590-600 per tonne ex-works, but since mills were standing firm on new offers, no transactions were reported on Tuesday.
“There are very few transactions these days if any,” a buyer source said.
Meanwhile, the market for overseas coil was also quiet. Safeguards review as well as anti-dumping probe into certain origins were limiting buying appetite for imports, sources said.
Turkey was heard offering April-shipment HRC to Italy at €590-600 per tonne CFR, including the anti-dumping duty, to European ports.
Indian coil was offered at €560 per tonne CFR to Southern Europe.
