Several major Northwest European steelmakers raised offers for hot-rolled coil Jan. 9, aiming to achieve prices of Eur800/mt on ex-works or delivered basis, depending on the location of the customer and the mill, sources told S&P Global Commodity Insights.
This represents a Eur50-60/mt rise from offers of Eur740-750/mt ex-works Northwest Europe as recently as Jan. 8.
Market participants said that ArcelorMittal, Thyssenkrupp and SSAB were among the mills aiming to achieve these new prices, adding that other steelmakers were expected to follow. The mills were offering coil for delivery in April-May, sources said.
New offers for cold-rolled coil and hot-dipped galvanized coil were even heard at Eur920/mt on ex-works or delivered Northwest Europe basis Jan. 9, depending on the location of the customer and the mill.
The bullish sentiment was supported by full order books of European mills, seasonal restocking and reduced interest in imported coil.
“There is a scarcity of material with coil, with shorter lead times,” a German service center said. “And interest in imports is low due to unpredictable freight rates and logistical issues with the Suez Canal. So the mills have good chances to achieve some price rise.”
Platts assessed domestic prices for hot-rolled coil in Northwest Europe at Eur725/mt ex-works Ruhr Jan. 8, showed S&P Global data.