Fastmarkets calculated its daily steel HRC index domestic, exw Northern Europe at €695.42 ($764.02) per tonne on Wednesday, up marginally by €0.42 per tonne from €695.00 per tonne on January 2.
The index was down by €0.08 per tonne week on week but up by €24.54 per tonne month on month.
Both buyers and sellers in the region were largely inactive due to holiday break.
But producers remained bullish for Janaury spot sales on good order books and reduced supply resulting from output cuts in late 2023.
Offers for March- and February-delivery HRC from integrated mills in the region were heard at €720-750 per tonne ex-works, with “very little room for negotiation,” Fastmarkets heard.
Tradable values were estimated by buyers at €680-700 per tonne ex-works on Wednesday.
“We will see the real market level [in the week commencing January 8], when everybody returns to the market,” one trading source said.
In Southern Europe, Fastmarkets calculated its daily steel HRC index domestic, exw Italy at €689.58 per tonne on Wednesday, up by €1.25 from €688.33 on January 2.
The index was up by €1.25 per tonne week on week and up by €29.58 per tonne month on month.
The Italian market was also quiet on Wednesday with no trading reported.
New offers from Italian steelmakers for February-March-delivery HRC stood at €720-730 per tonne delivered, while one European steelmaker was offering coil to the nation at €740 per tonne delivered.
These offers compare with the most recent trades reported in late December at €700 per tonne delivered (€680-690 ex-works), sources said.
No new import offers were reported on Wednesday, with most suppliers expected to table new price in the second week of January, Fastmarkets heard.
Published by: Julia Bolotova