Trade activity has remained weak in the European HRC market this week, with most European suppliers still looking for new orders given their rather short order books. Thus, most domestic HRC prices have failed to increase in new deals, with most offers remaining at the same level as last week. Besides, even though trade activity leaves much to be desired in the region, EU-based mills have been refusing to cut their prices, aiming for €590-600/mt ex-works in new orders. The import market has been quiet as well, with market insiders still waiting for the European Commission to officially confirm new antidumping duties against HRC from India, Vietnam, Egypt and Japan, while a number of foreign suppliers have decided to go lower in their new offers to attract buyers.
Specifically, official offers from European mills have remained at €590/mt ex-works in Italy and at €600-620/mt ex-works in northern Europe, unchanged from the last week. At the same time, tradable prices have been voiced at €560-570/mt ex-works both in the north and in Italy. According to sources, European HRC mills have been hungry for new orders, though remaining firm in terms of their prices and refusing to provide discounts.
In the import segment, while some suppliers like those from Japan, India and Vietnam have been staying out of the European marker due to the antidumping investigation, others have been testing the market with lower offers. In particular, import HRC prices have settled at €540-590/mt CFR, depending on the supplier, versus €560-600/mt CFR last week. Offers for ex-South Korea HRC have been voiced at €570-580/mt CFR, though a deal for around 30,000 mt is reported to have been signed at €540/mt CFR.
Meanwhile, indicative offers for ex-Taiwan HRC have been heard at €580/mt CFR, the same as last week. Besides, according to sources, no deals have been heard for ex-India materials due to the antidumping duty issues, the same as for ex-Vietnam HRC.
