According to sources, the sentiment in the Italian hot rolled coil (HRC) market, as in the European HRC market in general, is increasingly worsening, as weak demand and high stock levels are dampening prices. Lead times are generally short. Compared to one week ago, Italian domestic HRC prices have slipped further by €5/mt to €470-480/mt ($536-547/mt) ex-works. Meanwhile, HRC import offers are at around €490/mt ($559/mt) CFR Italy, but buyers are not accepting such a price level, and are instead aiming at a price as low as €460/mt ($524/mt) CFR. Meanwhile, HRC prices in northern Europe are at around €500-510/mt ($570-581/mt) ex-works. Market sources are hoping for a rebound during the second quarter if demand from the automotive industry improves, also in the view of the conclusion of trade talks between the EU and the US.
€1 = $1.14