Previously, steel buyers preferred to postpone their purchases in anticipation of falling prices due to the persistent stagnation in demand. However, the continuation of the safeguard measures seems to question this strategy. This may strengthen the position of mills and encourage higher price offers, sources said.
According to SteelRadar data, hot rolled coil (HRC) prices in Spain held steady at EUR645 in the week to 10 June, while cold rolled coil (CRC) prices rose by EUR5 to EUR800.
In the European market, different views are expressed on the future course of coil prices following the extension of the EU safeguard measure and the remaining quota revision proposal. Compared to the Spanish HRC market, the Italian HRC market showed an upward trend. During the week of 10 June, HRC prices in Italy increased by EUR 5 to EUR 635 and CRC prices rose by EUR 5 to EUR 750. In addition, prices for galvanised steel coil in Italy also increased by EUR 4 to EUR 850.
A Dutch executive emphasised that it is strategically important for mills that steel prices remain at least stable or even slightly higher.Some Dutch and German sources reported that integrated mill groups have withdrawn from the market and are expected to return next week with potentially higher offer prices. In Germany, HRC prices were stable in the week to 10 June, while CRC prices rose by EUR 10 to EUR 735, according to SteelRadar data.
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