The UK hot-rolled coil prices remained stable on April 3, as sources pointed to generally higher offers but limited spot inquiries and caution amid an uncertain geopolitical picture.
Offers from European mills increased further in the week, with offers heard as high as GBP570-595/mt DDP West Midlands. Imports from Turkey and South Korea were reported slightly lower, at a range of GBP535-550/mt DDP West Midlands, but with slightly further out delivery timings. Sources stated that there continued to be a large oversupply of material for current demand dynamics.
“There are a lot of new prices which haven’t really made sense,” said one service center source. “It has really slowed down on buyers’ side, we also aren’t buying from traders at the moment due to quota risks.”
Other market participants pointed to additional uncertainty due to the volatility of the US dollar, which is further limiting liquidity in the import market.
One buyer reported increased confidence from industrial applications, but overall referred to typically negative sentiment within the wider market as demand in downstream sectors remained largely weaker.
Platts assessed UK HRC at GBP530/mt DDP West Midlands, unchanged week over week.
Platts is part of S&P Global Commodity Insights.
