Local prices for hot-rolled coils in Europe rose on Thursday, August 28, despite subdued trading and lack of demand support.
In Northern Europe, both offers and estimates of workable prices for material scheduled for delivery in October were heard at higher levels than on August 27, ranging from €580-590 ($677-689) per ton of Ex-work compared to €570-580 per ton of Ex-work.
The remaining volumes of material scheduled for shipment in September were, however, still trading in the range of €560-580 per ton of Ex-work, according to the seller's source.
Several sources told the seller that the new formal figures are €600-610 per ton delivered, but such prices are "a lot of resistance from customers."
Fastmarkets calculation daily roll hot-rolled index, domestic, pickup of Northern Europe, Euro 579.38 ($676.24) per ton on Thursday, up by €6.88 per ton from €572.50 per ton a day earlier.
The Nordic index was €5.63 per tonne week-on-week and €20.38 month-on-month.
The Italian market was still relatively quieter because the participants had not yet fully returned to business after the summer break.
Some small deals heard were in the range of €540-550 per ton of Ex-work, while targeted offers from integrated factories and re-rollers in Italy for October-reel shipping were heard at €570-580 per ton of Ex-work.
Fastmarkets daily hot-rolled steel coil index, domestic, on EXW Italy terms, EURO 541.67 per ton on August 28, compared to €540.00 per ton on August 27.
The Italian index rose by €0.84 per tonne week-on-week and by €15.42 per tonne compared to the previous month.
Vlada Novokreshchenova
Fastmarkets.com
