Different opinions in UK flat steel market

Market sources state that flat steel demand in the UK has remained soft due to the approach of the Christmas holiday, while last week's price hike of £30/mt ($49/mt) has failed to gain acceptance in the market. Buyers in the UK market have different opinions regarding whether this increase will be absorbed by the market or not. Considering the approach of the holidays, some buyers state that the slowdown in activity is normal at this time of the year and that purchases will resume after the holidays at the new price levels. Meanwhile, others believe that there will not be any significant changes in demand in January, and so this hike will likely fail to gain acceptance in the market and buyers will continue to conclude deals at the previous prices. In addition, import hot rolled coil (HRC) offers to the UK have softened by £5/mt ($8/mt) over the past week, while the number of import offers has decreased this week.
 
HRC prices in the local UK market can be found at £410-420/mt ($668-685/mt) ex-works for February production and excluding VAT.
 
Meanwhile, HRC offers from other regions of Europe to the UK stand at £405-410/mt ($660-668/mt) +VAT CIF for February-March shipments. In addition, Turkish origin HRC offers to the UK are at £425/mt ($693/mt) CIF for March shipments, while Indian origin HRC offers stand at £400-405/mt ($652-660/mt) CIF for April deliveries and Russian HRC offers to the UK are at £400/mt ($652/mt) CIF for April deliveries. The offers in question do not include VAT.
 
£1 = $1.63