During the past week, demand in the European flat steel market has been weak due to seasonal slackness as well as buyers' decision to postpone their purchases as they believe prices have not hit bottom yet. In the meantime, domestic flat steel prices in Europe have declined further as European buyers have been putting downward pressure on local prices due to very competitive import flat steel quotations.
Domestic hot rolled coil (HRC) steel prices in Europe have decreased by an average of €25/mt week on week to €460-500/mt ($515-560/mt) ex-works. Meanwhile, domestic cold rolled coil (CRC) and hot dip galvanized (HDG) coil prices in the region have declined by €15/mt week on week to €570-610/mt ($638-683/mt) ex-works and €600-650/mt ($672-728/mt) ex-works, respectively.
According to market sources, ex-CIS HRC prices to Europe are currently at $440-460/mt FOB, while Turkish HRC offers to the same destination are now at $460-470/mt FOB.
€1 = $1.12