Cold rolled and hot-dip galvanized coil prices in Europe fell further as buyers in southern Europe preferred competitive imports.
Insufficient demand from the automotive sector as well as still-high stock levels in both steel service centers and shareholders continued to limit demand for cold rolled coil in Europe.
According to a source, buyers believe that CRC prices in Europe have not seen the bottom yet; therefore postponed the purchases.
During the assessment week, CRC offers from producers in Southern Europe were at €750-770 per ton delivered. The same source revealed that this nets back to €720-730 per ton (EXW).
The weekly price assessment for CRC ex Southern Europe was €720-730 per ton on Wednesday, down €30-40 from the week before.
Experts said that apart from weak demand and excess inventory, CRC prices in Southern Europe are also under pressure from competitive offers in other countries.
According to some sources, CRC offers from Vietnamese and South Korean suppliers for January-February shipment are reported at €650-670 (CFR) per ton for Southern Europe with bookings reported within that range.
However, Southeast Asian producers have reportedly withdrawn from the market since late last week and considering to increase the prices.
The offer for imported cold rolled coil from the Southern European port (CFR) decreased by €5 since last week to €650-670 per ton on November 23.
During the week, it was heard that the HDG offers from producers in Southern Europe were at the level of 730-750 per tonne (EXW).
Market sources said that overall some buyers feel the need to restock but want to wait for the price to reach its lowest point before restocking for the first quarter of 2023.
HDG, domestic, Southern Europe (EXW) was €730-750/ton on November 23, down €20 from €750-770/ton a week ago.
The offer for 100 g/m2 0.5 mm hot-dip galvanized sheet from Vietnam was heard at €775 per ton in Southern Europe (CFR).
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