The European hot-rolled coil market was quiet on Wednesday, April 23, with minimal trading reported and hopes for a likely price direction, sources told Fastmarkets.
In Northern Europe, trading was quiet, with no changes in the bid price or in the processed estimates of the HRC bidding.
"There is[Easter]during the school holidays in some countries so, overall, the market is quiet", - a buyer in Germany said. "And next week will be short again due to the public holiday on May 1, so it looks like everyone is just waiting for the Made in Steel[trade fair in Italy on May 6-8]match to see where the market is heading."
Suppliers according to sources, there was a good offer in the Benelux region and Germany, and in June and July, HRC supplies were offered at a price of about €670-700 ($768-803) per ton from the manufacturer.
But the buyer's sources reported that the offer prices were lower. They were "too high and do not reflect" the current economic situation.
"Real demand remains weak, and it will soon begin to put some pressure on domestic prices for HRC", - said a second buyer in Northern Europe.
The market value was estimated by the buyers at no more than 640-660 euros per ton from the manufacturer.
However, other sources reported that there is room for further price increases for HRC, given the limited availability of imports and growing dependence on domestic supplies.
"The balance is changing", - said a third customer source. "We have a seller's market, at the moment[and]afeguards and anti-dumping measures[measures have]closed the European market of traditional import suppliers and European buyers have yet to find new sources[of imports].
At the same time, European mills remain the first choice for many buyers," Buyer added.
