Local hot rolled coil (HRC) prices in the EU have mainly remained unchanged over the past week with mills continuing to target higher offers for the first quarter of 2025, though workable prices for coils for December delivery remain stable at €50/mt lower. Meanwhile, the import segment has been affected by safeguard and antidumping risks, coupled with rather uncompetitive prices for most import HRC as compared to local quotes.
More specifically, official offers from Italian mills have been voiced at €570-580/mt ex-works for delivery in December, and at around €600-610/mt ex-works for January delivery, mainly the same as last week, while tradable prices for December delivery are still voiced at €550-555/mt ex-works levels.
Offers for local HRC in northern Europe have been voiced from mills at €600-620/mt ex-works for January delivery, the same as last week, though workable prices have been heard at €550-570/mt ex-works in a few deals this week.
“Mills are trying to remain positive but the gap between deal prices and official offers from mills is too big, with no signs of changing given the sluggish demand in the region,” a market insider told SteelOrbis.
Meanwhile, in the import segment, trade has remained extremely slow, while many foreign suppliers have been refraining from giving any offers to Europe this week. Thus, indicative prices for ex-Asia HRC have remained at €550-580/mt CFR levels. According to sources, trade has been slack, though talk about a deal for 20,000 mt of ex-India HRC at below $580/mt CFR or around €535-540/mt CFR has been circulating in the market. “This deal has to be for very prompt shipment to arrive in mid-December at the latest and to avoid potential retrospective dumping duty,” a market insider told SteelOrbis.
Offers for ex-Turkey HRC have been voiced at €580-600/mt CFR Italy, including duty, the same as last week, though in Spain ex-Turkey HRC has been offered through traders at around €600-620/mt CFR, according to sources.
“Basically, when you can still close at €555/mt ex-works for December lots locally, to compete with local prices buyers estimate workable import quotes at €520-530/mt CFR levels,” a trader in Spain said.