The European hot-rolled steel market remained calm on Tuesday, August 12, while the holiday season continued, with only limited shipments of steel being sold at prices that were still below target offers, industry sources told Fastmarkets.
Ambitious new prices for October Delivery Deals have not yet been finalized, and integrated mills hoped to receive 590-610 euros (685-709 dollars) per ton for October shipment.
Transactions in the Benelux region were reported at a price of 560-580 euros per tonne with shipment in October and even at a price of 550 euros per tonne with shipment in October. According to market sources, this also applies to larger volumes.
Overall, they said, liquidity remained low due to seasonal factors.
"There is very little movement in the market. Everyone is waiting for the end of the vacation period in September[and the], as well as more clarity on CBAM[the EU's Carbon Border Adjustment Mechanism]and trade measures," a source at the factory told Fastmarkets.
"Trading volumes are practically non-existent," said a source from among the buyers. "About 500 tons here, 1,000 tons there. We will see the real picture of the market when the holiday season ends."
As a result, on August 12, according to Fastmarkets calculations, the daily HRC index for steel for domestic consumption in Northern Europe amounted to 571.01 euros per ton, down by 2.32 euros per ton from 573.33 euros per ton on August 12. August 11th.
The price index in Northern Europe rose by 10.83 euros per tonne week-on-week and by 24.76 euros per tonne month-on-month.
Meanwhile, the daily price index for hot-rolled steel, domestic, exw in Italy, was 540.00 euros per ton on Tuesday, down 2.50 euros per ton from 542.50 euros per ton on Monday.
The Italian index, however, rose by 5.00 euros per tonne week-on-week and by 14.17 euros per tonne month-on-month.
But there were practically no auctions on Monday. the Italian market in connection with the holidays.
At the end of July, before the start of summer renovation work, local suppliers offered target prices for September at the level of 540-550 euros per ton of finished products. However, buyers estimated the market at 530-540 euros per ton from the plant, and no new deals have been reported yet.
"End users, warehouses, and manufacturers are not ordering products, and factories are on vacation or closed for maintenance. It's the peak of the holidays in Italy," a market source said.
Meanwhile, prices for imported rolled steel have increased.
In the week beginning August 11, rolled steel from Indonesia was offered in Italy at a price of 475 euros per ton CFR, compared to 460-470 euros per ton CFR. per ton of CFR in the previous week.
Market sources reported that a large cargo from Indonesia was sold to Italy at a price of about 460-464 euros per ton CFR per week.
