Domestic European hot-rolled coil prices held steady Nov. 18 as mills sought price consolidation amid a stable market environment with weak demand.
As the market became increasingly competitive with mills seeking to win business amid limited demand, European mills made price consolidation a key priority.
A Germany-based mill source did not expect a change in market dynamics in the remaining weeks to Christmas.
“The market will just start to slow down until then, with no expectation for a market pickup,” the source said.
A Germany-based distributor source saw limited restocking and subdued automotive demand with stable prices in the European flat steel market amid a backdrop of weak demand.
“The European market struggled to fully accept high green steel premiums due to economic challenges, limited end-user demand and cost sensitivity,” particularly from the automotive industry, the source said.
Economic factors continued to slow demand for European flat steel amid price-sensitive market fundamentals.
Platts assessed Northwest European HRC at Eur560/mt ex-works Ruhr Nov. 18, stable on the day.
Offers were reported at Eur600-620/mt ex-works Ruhr. Tradable values were reported at Eur540-580/mt ex-works Ruhr.
Platts assessed domestic HRC in Southern Europe at Eur555/mt EXW Italy, down Eur5 on the day.
The exchange rate continued to leave European importers at a disadvantage when trading in dollars, according to sources.
Platts assessed imported HRC in Northwest Europe at Eur525/mt CIF Antwerp, stable on the day.
Platts assessed imported HRC in Southern Europe at Eur525/mt CIF Italy, stable on the day.
Platts is part of S&P Global Commodity Insights.
