Fastmarkets’ weekly price assessment for steel sections (medium) domestic, delivered Northern Europe was €750-800 ($814-869) per tonne on Wednesday, up by €15-30 per tonne from €720-785 per tonne on November 8.
Fastmarkets’ weekly price assessment for steel sections (medium) domestic, delivered Southern Europe was €750-800 per tonne on Wednesday, up by €20-30 per tonne week on week from €720-780 per tonne on November 8.
Prices rose and narrowed in the past seven days, with sections mills producing at cost and therefore unwilling to book at lower levels, but also targeting an upwards move in the market, sources said.
Offers at €810 per tonne were reported during the pricing period.
But a distributor source told Fastmarkets that a weak end-user market was putting pressure on downstream sales prices and narrowing profit margins for traders.
The distributor added that buyers will be hesitant to purchase sections at higher market levels, and that trade was sluggish.
Rising hot-rolled coil feedstock costs have supported an upward move in the market however, with further increases expected before the year’s end.
Fastmarkets’ daily calculation of its steel hot-rolled coil index domestic, exw Northern Europe was €654.13 per tonne on Wednesday, up by €9 per tonne from €645.13 per tonne a week earlier and €39.38 per tonne month on month.
Traders were skeptical around the sustainability of price increases in both the sections and HRC markets in the past seven days, due to ongoing weak end-user demand.
Published by: Holly Chant
