Demand stable in European flat steel market

According to market sources demand in the European flat steel market has remained stable during the past week at medium levels, while European flat steel prices have remained under pressure in the same period due to declines seen in import offers given to the region. Last week European steel producers resisted this downward pressure but they are now staying out of spot market, trying to increase their long-term sales contracts.
 
This week, hot rolled coil (HRC) and cold rolled coil (CRC) offers in the local European market have remained unchanged at €290-340/mt ($319-374/mt) and €400-460/mt ($440-506/mt), respectively and all ex-works. Meanwhile, in the same period hot dip galvanized (HDG) coil offers in northern Europe have remained stable at €450-470/mt ($495-517/mt), while HDG offers in southern Europe have also moved sideways in the range of €390-420/mt ($429-462/mt), all ex-works.
 
Meanwhile, import HRC offers to Europe from sources such as China, India, the CIS, Turkey and Iran have declined by €10/mt ($11/mt) on the upper end and decreased by €20/mt ($22/mt) on the lower end over the past week to €260-280/mt ($286-308/mt) CIF, while CRC offers from the same sources to Europe have decreased by €10/mt ($11/mt) on the upper end over the same period to the range of €360-370/mt ($396-407/mt) CIF. 
 
€1 = $1.10