European producers of steel hot-rolled coil (HRC) have tested the market with higher offer prices amid rising costs. A leading European steelmaker increased its offer price for November-delivery HRC to €590 per tonne, up by €40 from previous offers.
Other suppliers are considering similar price hikes of €30-40 per tonne. Despite these new prices, deals have yet to be finalized as buyers are still evaluating them. The market is at a turning point, with producers needing to raise prices due to increased costs and optimism from China’s recent stimulus package.
However, low consumption remains a challenge. Trading activity is expected to pick up after public holidays in Germany and China. Fastmarkets’ daily steel HRC index for Northern Europe rose to €544.38 per tonne, while the Southern Europe index increased to €535.00 per tonne.
Local mills are also expected to raise their offer prices soon. Import markets remain quiet due to public holidays in Asia and trade restrictions.
