Domestic prices for steel hot-rolled coil edged up on August 19 in both Northern Europe and Italy, but market activity was still mostly slow in the region due to the summer holiday period, sources told Fastmarkets on Wednesday.
In Northern Europe, latest transactions were reported within the range of €710-730 ($822-845) per tonne ex-works, but a buyer said “these levels were unlikely to be repeated,” while indications were heard at the same range.
Offers were heard at €730 per tonne ex-works in Germany. Higher levels from mills were reported at €760-790 per tonne ex-works, but the first buyer said that “the new offer levels have yet to be tested, as many buyers are either away for the summer holidays or maintaining a wait-and-see approach.”
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €723.33 per tonne on August 19, up by €0.83 per tonne from €722.50 per tonne on August 18.
The index was up by €6.33 per tonne week on week and up by €13.33 per tonne month on month.
In Italy, the market was still mostly quiet because of the traditional slowdown in trading activity during August.
An offer was reported at €715 per tonne ex-works on Wednesday, while an indication was heard at €700-720 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €712.50 per tonne on August 19, up by €1.25 per tonne day on day from €711.25 per tonne on August 18.
The index was down by €1.25 per tonne week on week but up by €7.50 per tonne month on month.
Meanwhile, latest HRC import activity included offers from Turkey at €575 per tonne CFR with added anti-dumping duties of €35 per tonne, and some Italian buyers were keen to pay this price, according to sources.
Offers from Indonesia were reported at $620-625 per tonne CFR, but in order to accelerate delivery time, extra freight costs of $30 per tonne were applied, so the final price was around $650-655 per tonne CFR.
However, there was no buying interest for material with this origin because of higher costs under the Carbon Border Adjustment Mechanism (CBAM).
And offers from India were within the same range as Indonesia, at $650 per tonne CFR, or around €560 per tonne CFR, sources told Fastmarkets on Wednesday, but no bookings were done.
Fastmarkets’ weekly price assessment for steel hot rolled coil import, cfr main port Southern Europe was at €560-575 per tonne on August 19, narrowing downward from €565-600 per tonne a week earlier.
–Vlada Novokreschenova in Dnipro contributed to this article.
