European domestic hot-rolled coil prices remained largely unchanged on Wednesday May 27 as trading activity in the majority of the region’s markets stayed subdued.
In Northern Europe, many participants took holiday breaks, which slowed down an already sluggish market.
Indications of tradeable levels came at €680 per tonne ex-works during the day, with no major bookings reported.
A day earlier, several sources told Fastmarkets that leading European steelmaker ArcelorMittal was aiming for an increase of €80 per tonne for new offers, with the latest offers from the supplier for June-July delivery HRC heard at €730 per tonne delivered, which equals to €715 per tonne ex-works.
Market participants called the new price unrealistic, considering that even €715 per tonne ex-works has not been reached in recent transactions.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €680.00 ($790.94) per tonne on May 27, up by €3.54 per tonne from €676.46 per tonne on May 26.
The index was down by €2 per tonne week on week and by €28.33 per tonne month on month.
The Italian market was also quiet, with tradeable levels estimated within the range of €670-680 per tonne ex-works.
Market participants explained the lack of trading activity with high stocks and low real demand.
The corresponding Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €676.25 per tonne on May 27 up by €2.48 per tonne from €673.77 per tonne on May 26.
The index was down by €1.75 per tonne week on week and down by €23.75 per tonne month on month.
Turkish HRC was heard available at €600-620 per tonne CFR, excluding anti-dumping duty in Italy, while Indian coil was reported available at €685-690 per tonne CFR.
Algerian material was said to be offered to Spain at €720-730 per tonne DDP.
A small cargo of Taiwanese HRC was offered at €740 per tonne DDP by traders.
