The market slowdown due to the Christmas holidays did not result in any change in HRC prices in January, but producers are expected to increase prices over the upcoming weeks.
HRC prices are estimated to be between €680-700 per tonne, while there are some reports that spot prices could rise above €700 per tonne if demand remains low. In Northern Europe, producers' offers for February and March delivery were reported at €720-750 per ton ex-works ahead of the holidays.
In the domestic market, daily steel HRC index was assessed at €695.00 per tonne towards the end of last week, down by only €0.42 from January 3. On a weekly basis, the index dropped by €0.50, while on a monthly basis it recorded an increase of €18.33.
Steel index for HRC steel in Southern Europe, ex Italy, was reported at €689.58 per tonne late last week. It increased by €1.25 per ton on a weekly basis and by €19.58 per ton on a monthly basis.
Italian steelmakers' offers for February-March HRC delivery were in the range of €720-730 per tonne, while a European steelmaker was rumored to have offered €740 per tonne of coil to the country. Sources expect a price of €680-690 per ton ex-works.
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