Prices were largely unchanged from October 27.
Fastmarkets calculated its daily steel HRC index, domestic, exw Northern Europe at €614.00 ($648.64) per tonne on Monday, down by €1.21 per tonne from €615.21 per tonne on October 27.
The index was up by €4.00 per tonne week on week but down by €6.42 per tonne month on month.
The market was unmoved on Monday, with trading remaining thin and sentiment bearish.
“There are no updates as the market has not moved since last week,” a trader source in the region said.
Buyer estimates of achievable values were in the range of €600-620 per tonne EXW.
In the week to October 27, mills were targeting offer prices for December-delivery HRC at €620-650 per tonne EXW.
Despite continued low demand, mills resisted dropping their prices further due to high feedstock costs, specifically energy.
Fastmarkets’ daily steel HRC index, domestic, exw Italy was €601.67 per tonne on Monday, up by just €1.04 per tonne from €600.63 per tonne a day earlier.
The index was down by €0.83 per tonne week on week and down by €7.08 per tonne month on month.
Buyer estimates of tradable prices were reported at €580-600 per tonne EXW.
Offers of HRC for December delivery from Italy were reported at €620-630 per tonne EXW. These levels were not considered workable however given weak market conditions.
“The current asking price is around €580-600 per tonne EXW but mills are refusing this price level and targeting price increases of up to €50 per tonne to levels of €620-630 per tonne for December delivery,” a buyer source said. “Demand remains very weak, but mills are trying to support price increases with production cuts.”
“Mills are trying to raise prices but there is very little buying interest to support price rises,” another buyer source in the region told Fastmarkets.
Appetite for imports remained muted on Monday due to depressed market conditions. Sources reported limited offers, expecting new import prices to come in towards the end of the week.
Import offers were heard at €600 per tonne CFR from Asia but there was minimal interest from domestic buyers, Fastmarkets heard.