Domestic prices for hot-rolled coil in Europe were stable July 11, supported by production cuts and higher interest from buyers for new deals.
Platts assessed HRC in Northern Europe at Eur850/mt ex-works Ruhr July 11, unchanged day on day, according to S&P Global Commodity Insights data.
Two distributor sources reported a tradable value at Eur850/mt ex-works Ruhr. A trader source reported tradable values at Eur850-870/mt ex-works Ruhr.
A steelmaker source reported tradable values at Eur850-860/mt ex-works Ruhr. Another producer estimated a tradable value at Eur850/mt ex-works Ruhr and reported a few deals for minor tonnages settled at that price.
Demand from end consumers remained below usual rates, sources said. The automotive industry has been showing lower steel consumption due to reduced car output caused by a components shortage.
Some European steelmakers, including HBIS Serbia, Acciaierie d’Italia and ArcelorMittal Dunkirk in France, have planned blast furnace stoppages in July-August to balance supply and demand. Italian electric-arc furnace-based producer Arvedi also plans to fully stop its Cremona mill for the month of August.
Other steelmakers were reported to operate at minimum production rates and plan longer summer maintenances.
Distributors have sufficient inventories, but they were expected to restock for September by the end of July, supporting domestic prices.
“Market is a bit more positive today, prices have not moved up yet, buyers still have unrealistic expectations,” a producer said. “But at least everyone realized that price decline stopped. Restocking, however, has not started yet.”
Offers of HRC from Central European mills have been reported at Eur820-830/mt ex-works.
HRC in Southern Europe was assessed at Eur770/mt ex-works Italy July 11, also unchanged day on day.
Italian mills have been offering HRC at Eur800/mt ex-works and tradable value has been reported at Eur760-770/mt ex-works Italy.
Source : eurometal.net
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