Business activity remained muted in the European HRC market as the holiday season continued across the region, sources said.
A sell side source from Northern Europe reported the most recent bookings for material scheduled for delivery in October within the range of €560-570 ($648-659) per tonne ex-works versus offers at €590 per tonne ex-works.
There was also an unconfirmed report in the market about the market leader increasing asking prices to as high as €610 per tonne ex-works.
At the same time, some market sources on the buyers’ side expected prices to retreat somewhat in the coming several weeks amid the lack of activity.
Fastmarkets’ calculation of the daily steel hot-rolled coil index domestic, exw Northern Europe was €560 per tonne on Monday August 4, stable from Friday August 1.
The Italian market was also quiet, with the country approaching the traditional August holidays and maintenance period.
Similarly to colleagues in Northern Europe, Italian mills increased asking prices to €550-555 per tonne ex-works with some September delivery material still being available, but no business was heard done above €530 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €527.50 per tonne on Monday, down negligibly by €0.83 per tonne from €528.33 per tonne on Friday.
The Italian market remains influenced by import offers, despite the fact that buyers have become more and more cautious over it, amid the approaching introduction of the Carbon Border Adjustment Mechanism (CBAM).
Indonesian material was heard available at €450-470 per tonne ex-works.
HRC coils from Turkey were offered at €510-520 per tonne CFR duty paid.
And Algerian coils, which are quota-free in the EU, were offered within the range of €520-525 per tonne CFR.
