EU hot rolled coil (HRC) prices have mostly moved sideways, with limited changes observed across the market. While mills are targeting higher levels for July delivery, aiming for around €750/mt ex-works, these offers are currently viewed as “totally unworkable” by market participants in both northern Europe and Italy, with tradable prices remaining closer to €700/mt ex-works. At the same time, market sentiment remains cautious, with buyers largely adopting a wait-and-see approach amid uncertainty surrounding potential new import tariffs. Moreover, weak end-user demand and sufficient inventory levels continue to weigh on trading activity, keeping volumes subdued.
More specifically, while HRC prices from mills in northern Europe, mainly for July delivery, have been estimated at €750/mt ex-works, offers for deliveries in June have still been reported at €720-730/mt ex-works, the same as last week. At the same time, the tradable price levels have settled at €700-720/mt ex-works, compared to €690-710/mt ex-works last week, according to sources.
In Italy, offers from mills have remained at €700-710/mt ex-works for June delivery. Meanwhile, the tradable price levels are estimated at €690-700/mt ex-works, the same as last week.
“The €750/mt ex-works target for July is totally unworkable at this stage. Real tradable levels are still closer to €700/mt, and buyers are not showing any willingness to move higher given the current demand situation,” a market insider told SteelOrbis.
“The market is essentially on pause right now. Buyers are waiting for clarity on import tariffs, while weak end-user demand and comfortable inventory levels mean there is no urgency to book new import volumes,” a trader in Spain said.
As for imports, indicative offer prices for HRC have remained at €600-690/mt CFR, with the lower end of the range corresponding to indicative offers from India. Meanwhile, offers for ex-Turkey HRC have been estimated at around $680-690/mt CFR, without duty, or around €577-585/mt CFR, which translates to around €610-620/mt CFR, duty paid.
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