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EUROPE HRC: Shortage, good demand sustain steady upward price trend

شناسه : 48561 05 خرداد 1400 - 14:30
A combination of tight supply and strong demand was keeping the European hot-rolled coil market bullish, with the situation unlikely to change any time soon, market participants told Fastmarkets on Tuesday May 25.
EUROPE HRC: Shortage, good demand sustain steady upward price trend
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A combination of tight supply and strong demand was keeping the European hot-rolled coil market bullish, with the situation unlikely to change any time soon, market participants told Fastmarkets on Tuesday May 25.

Some sources, however, were growing concerned that recent price falls in China might put an end to the rapid increases in Europe.

Northen Europe ***

Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at €۱,۱۳۹٫۱۷ ($۱,۳۹۰٫۰۸) per tonne on Tuesday, up by €۷٫۹۲ per tonne from €۱,۱۳۱٫۲۵ per tonne on May 24.
The index was also up by €۵۶٫۶۷ per tonne week on week and by €۱۶۷٫۹۲ per tonne month on month.
Tuesday’s index was based on estimates of achievable prices from market participants at €۱,۱۰۰-۱,۱۴۰ per tonne ex-works and offers at €۱,۱۵۰-۱,۱۸۰ per tonne ex-works.

ArcelorMittal raised its HRC offers by €۵۰ per tonne to €۱,۱۵۰ per tonne ex-works last week, its seventh consecutive weekly increase, and market sources said that they expected this new target price to be reflected in deals this week.
Another, unidentified, producer has already increased its HRC price to €۱,۲۰۰ per tonne delivered to buyers in Germany, sources told Fastmarkets.

Southern Europe ***

For Southern Europe, Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Italy, at €۱,۱۰۸٫۹۷ per tonne on May 25, up by €۳٫۵۰ per tonne from €۱,۱۰۵٫۴۷ per tonne on Monday.
The index was also up by €۴۳٫۷۵ per tonne week on week and by €۱۵۸٫۱۴ per tonne month on month.
The Italian index was based on deals and achievable prices heard at €۱,۱۰۰ per tonne ex-works and official offers at €۱,۱۵۰ per tonne ex-works.

The recovery in domestic European prices has been supported by material shortages and strong demand.
Market sources said that because most producers were not active in the spot market and had no volumes for third-quarter shipment, buyers would be ready to pay even higher prices to secure tonnages.

In addition, distributors were reported to have low flat steel stocks due to being unable to restock in recent months.
Distributors, however, have become increasingly cautious due to the long lead times for coil and the risks related to booking expensive material that would not arrive until the end of the year, by which time prices might have dropped substantially.
Meanwhile, buyers were said to be monitoring flat steel prices in China, with some believing that the recent decline in prices there might be an indication that the global uptrend was about to come to an end.

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