Northern European sources considered lower hot-rolled coil prices as negotiable July 29, with Northern mills seeing less success than anticipated at the Eur850/mt price level, ex-works Ruhr.
Platts assessed HRC in Northwest Europe down Eur5/mt on the day, at Eur845/mt ex-works Ruhr, according to S&P Global Commodity Insights data.
In Northern Europe, producers reported tradable value around the Eur850/mt level, at Eur840-860/mt ex-works Northern Europe. One producer heard deals settled higher at Eur870/mt ex-works Ruhr, though these transactions could not be confirmed in the wider market. Similarly unconfirmed deals were heard much lower in the region at at Eur800/mt, delivered Ruhr ex-Central Europe.
On the buy side, sources agreed the range was at a Eur850/mt minimum, with one service center regarding the market as stable in a Eur850-870/mt tradable range. However, one trader source saw things differently, suggesting stabilization would be disrupted in the near term on a lack of mill success at realizing transactions at Eur850/mt ex-works.
The source said offers were indeed stable at Eur850/mt ex-works Ruhr, but that some mills were becoming increasingly aggressive in negotiations, with prices even below Eur800/mt considered achievable, ex-works Northern Europe.
Mills were reportedly trying to deplete stock levels, offering substantial discounts to shift volumes.
In South Europe, there were no active offers due to planned output reductions, but latest offers for September rolling were heard as stable.
Mill sources reported workable prices on a spread of Eur780-800/mt ex-works Italy, with no transactional activity reported.
Import offers were reported on the day at Eur680-700/mt CFR Italy ex-Asia.
— Benjamin Steven, Maria Tanatar
