Over the past week, as a result of ongoing declines in iron ore and coking coal prices, European flat steel buyers have opted to postpone their purchases and just monitor the market as they expect these declines will be reflected in flat steel prices as well. Accordingly, demand in the European flat steel market has remained sluggish.
Domestic hot rolled coil (HRC) prices in Europe have decreased by an average of €10/mt week on week to €450-490/mt ($504-549/mt) ex-works. Meanwhile, domestic cold rolled coil (CRC) and hot dip galvanized (HDG) coil prices in the region have declined by €20/mt week on week to €550-590/mt ($616-661/mt) ex-works and €580-630/mt ($650-706/mt) ex-works, respectively.
According to market sources, ex-CIS HRC prices to Europe still stand at $440-460/mt FOB, while Turkish HRC offers to the same destination are now at $460-470/mt FOB.
€1 = $1.12