Domestic hot-rolled coil prices in Europe showed new signs of decline on May 22, as the market continues to struggle with weakening demand and growing uncertainty.
"Everyone expects a continued decline," a source at the plant said, summing up the sentiment that continues to put pressure on the European hot-rolled roll market.
The source also added that the current downward trend in prices is due to a reduction in offers from market leaders.
"The only thing is that the market leader reduced the offers and took orders below the planned level, they had 10 months of high prices, and they reduced the price by 50-70 euros in one week," he said. the mill spring. "Now they no longer offer discounts on July/August shipments."
On May 22, the sale prices were reported at 620-640 euros per ton, while the used goods transaction was reported at 630 euros per ton.
.Factories are resisting, trying to set a minimum price
"Factories are trying to keep the bar, but the real risk is still ahead, especially if spot demand remains weak," said a source at the distribution company.
In Italy, prices were declining day by day, as sources reported that selling prices in Italy were 610-620 euros per ton
"In Italy, prices for HRC are approaching 610 euros per ton, with some suppliers offering prices from 610 to 620 euros per ton at the factory," said a source from the distribution company.
As for imports, a source in the distribution company also referred to the decrease in import prices, which continues to put pressure on the domestic market.
"Import offers (for example, from Indonesia at a price of 505-515 euros per ton of CIF) continue to put pressure on domestic prices. Thus, we have dropped slightly below the previous levels of 640/620 euros," said a source from the distribution company. "This week, we see that the offers for importing HRC to Antwerp have decreased slightly."
It was reported that the prices of imported materials from Indonesia, Vietnam, India and Turkey in Antwerp were 540 euros per ton CIF.
Platts estimated domestic demand in Northwestern Europe at 630 euros per tonne excluding production in the Ruhr, which is stable from day to day, and in Southern Europe at 610 euros per tonne excluding production in Italy, which is 5 euros lower than the previous day.
Platts estimated imports of HRC in Northern Europe at 535 euros per ton CIF in Antwerp and in Southern Europe at 525 euros per ton CIF in Italy, which is stable from day to day.
Alexander Wong | Riley Waters | Brother Saha | Charles Thompson
