Buyers in UK HRC market reluctant to conclude new deals

Market sources state that hot rolled coil (HRC) demand in the UK has remained weak, while import offers to the country have attracted little interest. Following the price reduction in the European markets, buyers in the UK HRC market are reluctant to conclude new bookings at the moment due to expectations for lower prices in the country. 
 
HRC prices in the local UK market can still be found at £420/mt ($697/mt) ex-works for April production and excluding 20 percent VAT, indicating no changes over the past month, while local hot rolled sheet (HRS) prices have declined by £10/mt ($17/mt)  and are now at £445-460/mt ($739-764/mt) ex-works, excluding 20 percent VAT and for March delivery.
 
Meanwhile, HRC offers from other regions of Europe to the UK stand at £410-415/mt ($681-689/mt) CIF for shipments in May, stable since last month.  In addition, Russian origin HRC offers to the UK stand at £405-410/mt ($672-681/mt) CIF for May shipment.
 
 
£1 = $1.66