Domestic prices for hot-rolled coil in have increased over the week to Wednesday July 29 in Northern Europe and stood unchanged in the south of Europe, sources told Fastmarkets.
Market activity has been gradually declining over the week because the European market is entering the traditionally slow month of August, but the sentiment remains positive.
Steelmakers will resume production at higher production rates after scheduled maintenances and buyers will return to the market looking for orders in September, market sources said, prompting producers to expect to achieve some further price recovery.
Domestic prices will also be supported by low interest in imported HRC due to long lead times and tougher safeguard measures, which came into force on July 1, 2020.
In addition, flat steel consuming industries, such as automotive segments, have started to slowly recover from the fall in consumption during the Covid-19 lockdowns across Europe.
The European Automotive Manufacturers Association (ACEA) reported a 22.34% year-on-year decrease in car sales in June. This compared with a decrease of 52.30% year on year in May and with a fall of 76.32% year on year in April this year.
***Northern Europe
Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Northern Europe was calculated at €۴۱۲٫۵۰ ($۴۸۳٫۸۲) per tonne on Wednesday, up by €۲٫۵۰ per tonne day on day from €۴۱۰٫۰۰ per tonne on Tuesday.
Wednesday’s index was based on “workable” prices heard at €۴۱۰-۴۱۵ per tonne, a bid heard at €۴۰۵-۴۱۰ per tonne and offers at €۴۲۰ per tonne.
Wednesday’s index was up by €۴٫۸۲ per tonne week on week and by €۱۷٫۵۰ per tonne month on month.
Official offers of HRC from the region’s steelmakers were also heard at €۴۵۰ per tonne ex-works, but these were not considered workable by buyers. Such high offers, however, indicate that the mills intend to increase prices, market sources said.
***Southern Europe
Fastmarkets’ weekly price assessment for steel HRC, domestic, exw Southern Europe was unchanged over the week at €۳۹۰-۴۰۰ per tonne on July 29.
The assessment reflected deals and “workable” prices heard in the market, while official offers have been heard at €۴۰۰-۴۱۰ per tonne ex-works.
“Imports not prevailing because of the long delivery time even if some deals have been closed at approximately at $450 per tonne cfr with suppliers from Turkey. This was possible mainly due to favorable euro to the dollar exchange rate,” an Italian source said.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr main port Southern Europe narrowed upward to €۳۸۵-۴۰۰ per tonne on July 29, from €۳۹۰-۴۰۰ per tonne a week earlier.
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