Some steel mills in Northwest Europe returned to the market with hot rolled coil (HRC) offers on 24 May. However, the sentiment is still unfavourable due to low costs and limited demand.
A German coil producer and a Benelux-based integrated mill offered HRC at €770/mt ex-works and €760/mt ex-works, respectively.
In Northwest Europe, import HRC prices were assessed at €620/mt CIF Antwerp on 24 May, unchanged intraday.
HRC offers of €710/mt ex-works from Serbia and €760-770/mt ex-works from Hungary were reported.
The gap between local and international HRC prices remains wide amid competitive import offers.
Decreasing raw material, energy and sheet costs also support the bearish sentiment. Buyers are holding their orders in anticipation of further price decreases.
Central European mills are offering shorter lead times and in some cases significantly cheaper prices. In Southern Europe, import HRC prices are stable, while domestic prices are unchanged in Italy.
Asian HRC offers of €590-620/mt CIF were reported from Italy.
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