Over the past two weeks, transaction prices of domestic hot rolled coil (HRC) in Italy have remained stable at €475/mt ($532/mt, while transaction prices of cold rolled coil (CRC) and hot dip galvanized (HDG) coils are also still at €550-555/mt ($616-622/mt) and €560-565/mt ($627-632/mt), all ex-works. The market continues to be characterized by high stocks and low demand, while announcements of production cuts seem to have prevented price decreases in the European market, also in anticipation of longer lead times. According to a market source, ArcelorMittal does not accept prices below €500/mt ($560/mt) for HRC and reducing its output to avoid selling at lower prices. Meanwhile, import offers are not competitive. For example, ex-India offers are at €480-490/mt ($538-549/mt) for HRC and at €545-555/mt($610-622/mt) for CRC, both CFR southern Europe.
€1 = $1.12