European cold-rolled and hot-dipped galvanized coil prices were stable to slightly higher in the week to Wednesday February 23 and, despite still-subdued trading, mills are set to increase their offers, citing good order books and limited supplies, Fastmarkets understands.
European producers are largely sold out of April delivery CRC and HDG and are now offering May lead times, sources said.
Producers in Northern Europe maintained their offers for May delivery CRC at €900-920 ($957-979) per tonne EXW and at €920-940 per tonne EXW for HDG, but those prices were still above the level of reported transactions, sources added.
Notably, tradable values were heard at €880-900 per tonne EXW for CRC and €880-910 per tonne EXW for HDG in the north.
One Italian mill was offering HDG to Germany at €940 per tonne delivered.
But trading activity was still muted in both Northern and Southern Europe in the seven days to Wednesday because buyers have not yet started restocking for May volumes.
Producers were quite optimistic, however, citing good order books and limited supply.
Steel mills producing CRC and HDG have been running at reduced rates, keeping the market balanced, sources said.
Fastmarkets’ weekly price assessment for steel CRC domestic, exw Northern Europe was €880-900 per tonne on Wednesday, widening up by €10 per tonne from €880-890 per tonne last week.
Fastmarkets’ corresponding weekly price assessment for steel HDG domestic, exw Northern Europe was €880-910 per tonne on Wednesday, widening from €900 per tonne seven days ago.
Both price assessments reflected the lower end of offers, rare deals and estimates of achievable prices made in the week to February 22.
Fastmarkets’ weekly price assessment for steel CRC domestic, exw Southern Europe was €880-890 per tonne on Wednesday, narrowing up by €10 per tonne from €870-890 week-on-week.
The corresponding weekly price assessment for steel HDG domestic, exw Southern Europe also unchanged week on week at €880-900 per tonne on February 22.
Both assessments reflect the lower end of offers, rare deals and estimates of achievable prices.
CRC offers in the region were heard at €900-920 per tonne delivered (€880-900 per tonne EXW), while HDG offers came in at €920-940 per tonne delivered (€900-920 per tonne EXW).
Buyer estimates of achievable prices were reported at lower levels during the assessment week, however – at €870-880 per tonne EXW for CRC and at €870-900 per tonne for HDG.
Trading was also quiet in Southern Europe during the assessment week, with most buyers having no need to restock.
Sources said they expect distributors and steel service centers to come back to the market in about two weeks’ time for May volumes, with higher offer prices likely to be gradually accepted in deals
Import offers to the region, meanwhile, were scarce and quite high, supporting the uptrend in the domestic market.
An offer of CRC from South Korea was heard in Southern Europe at around €840 per tonne CFR, sources told Fastmarkets.
And a CRC offer from Japan was heard at €850-860 per tonne CFR for April shipment.
Sources also reported an offer from Vietnam for 0.5mm HDG with Z100 coating at around €900 per tonne CFR.
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