The domestic hot-rolled roll market in Europe was mostly calm on Tuesday, July 7, remaining in the pricing phase as both sellers and buyers assessed the impact of the recently announced import quotas.
As a result, the Fastmarkets indices for hot-rolled products in Northern Europe and Italy remained virtually unchanged compared to previous days.
The daily price index for hot-rolled steel for domestic consumption, exw in Northern Europe, was calculated at 691.25 euros (789.98 US dollars) per tonne on July 7, which is 1.88 euros lower compared to 693.13 euros per tonne on July 6.
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The index rose by 8.12 euros per tonne over the week and decreased by 0.42 euros per tonne over the month.
The most recent supply data in the region was in the range of 690-715 euros per tonne from the factory, while the estimated supply level was 680 euros per tonne from the factory, which is currently more theoretical due to the practical lack of trade activity.
"I talked to several customers, and they told me that they had a feeling that the downward trend in prices had stopped. They think the price will stabilize and rise after the summer holidays," a service center in the Benelux region told Fastmarkets.
Another source at the service center from the same area expressed the same opinion that the price change is expected in September-October, and not immediately.
The Italian market was also quiet, as factories had withdrawn from the market since the second half of last week.
However, on Monday, information appeared about bookings in the range of 685-690 euros per ton from the factory, while another source estimated the available range at 660-680 euros per ton from the factory.
No new information was received on Tuesday. Thus, Fastmarkets' estimate of the daily prices of hot-rolled steel for domestic consumption, exw in Italy, as of July 7, amounted to 678.75 euros per ton, unchanged from day to day.
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The index rose by 11.25 euros per tonne week-on-week, but decreased by 0.83 euros per tonne month-on-month.
Author: Vlada Novokreschenova
Fastmarkets.com
