Upward trend in European flat steel market

Demand in the European flat steel market has remained at medium levels, while market sources state that the previous downward price trend has been replaced by either stable or upward movement of prices. Demand in the market has mostly been met by locally produced products. However, import product prices have risen in line with the increased strength of the euro against the US dollar, while market sources state that even the smallest gains of the euro against the US dollar increase buyers' interest in import offers. Traders say that trading activity is expected to continue to improve in the market in the coming period since the financial problems recorded in the market have eased.
 
In the current week, in the European market prices for hot rolled coil (HRC) are in the range of €405-435/mt ($454-487/mt), cold rolled coil (CRC) prices are at €460-490/mt ($515-549/mt) and hot dip galvanized coil (HDG) prices are at €480-500/mt ($538-446/mt), all ex-works. Local HRC prices have increased by €5-10/mt ($6-11/mt), while no change has been recorded in local HDG prices. Import HRC and CRC offers to Europe are currently at €380-400/mt ($426-448/mt) CIF and €430-460/mt ($482-515/mt) CIF, respectively.
 
€1 = $1.12