Prices for domestic steel hot-rolled coil edged lower in both Italy and Northern Europe on Wednesday July 29 on slow market activity, industry sources told Fastmarkets on Wednesday.
In Italy, sources said market was very thin and reported offers at €730-740 ($830-842) per tonne delivered (€715-725 per tonne ex-works), but the upper end of the range was discarded due to limited trading activity seen at this level.
One producer indicated workable prices for simple specifications of HRC at €700 per tonne ex-works and said levels at €710-720 per tonne ex-works were linked to higher specifications and special grades.
The same source reported offers for October production at €720-730 per tonne ex-works.
“Today’s workable levels start at €700 base [per tonne] ex-works as the absolute minimum level possible for higher tonnage, simple specs, and €710-720 [per tonne ex-works] seems increasingly feasible if the spec is rich with low or high thick material, special grades,” the producer said on July 29.
Meanwhile, a buyer reported an indication at €740 per tonne delivered (€725 per tonne ex-works), but it was discarded due to the same lack of trading activity near this level.
The corresponding Fastmarkets daily steel hot-rolled coil index domestic, exw Italy was €707.50 per tonne on July 29, down by €2.19 per tonne from €709.69 per tonne on July 28.
The index was up by €5 per tonne week on week and by €41.25 per tonne month on month.
In Northern Europe, the market was moving slowly, with no fresh transactions heard during the day.
A buyer reported an indication of workable prices at €700-710 per tonne ex-works, but no other price points were received on July 29, as some market participants were away.
For this reason, prices collected on July 28 were carried over to Wednesday’s index.
On Tuesday, two buyers provided indications at €710 per tonne ex-works, while a third buyer said offers were at €700-730 per tonne ex-works and indicated market levels at €700 per tonne ex-works on the same day.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €708.00 per tonne on July 29, down by €0.75 per tonne from €708.75 per tonne on July 28.
The index was down by €3.14 per tonne week on week, but up by €26.75 per tonne month on month.
