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Steel & Metal
- Italy -

Post-Holiday Price Direction Unclear for European HRC

European hot-rolled coil (HRC) prices remained broadly flat in the seasonally quiet market on Friday, August 9. Market participants are questioning the direction of post-holiday prices. The daily steel hot-rolled coil index for Northern Europe was calculated at €618.88 per tonne, slightly down from €619.02 the previous day. The index also showed a decrease of €1.62 per tonne week-on-week and €14.25 per tonne month-on-month.

Trading in the region was extremely quiet due to the holiday season, with even steady offers being rare. Buyers estimated workable prices at €600-620 per tonne ex-works. Both buyers and sellers have been holding back, monitoring the situation. Producers indicated that post-summer price increases might be necessary due to operating below cost. However, slow demand for steel remains a significant concern, driven by low car production and a weak construction sector. Germany is also facing fears of another recession.

In Southern Europe, the daily steel hot-rolled coil index for Italy remained unchanged at €618.13 per tonne. The index was down by €2.50 per tonne week-on-week and €10.20 per tonne month-on-month. The Italian market was also in "holiday mode," with activity expected to resume at the end of August or early September. Buyers estimated workable prices at €600-620 per tonne ex-works, and even below €600 per tonne for larger quantities. Local suppliers are likely to attempt a price rise after the summer break, anticipating a traditional rebound in trading.

The anti-dumping investigation launched by the European Commission against HRC from Egypt, Vietnam, Japan, and India is also expected to support a price rebound. However, doubts remain about the immediate impact of the investigation on the market. The demand for steel must first recover, and domestic mills need to increase prices. The market for imported coil was also quiet, with no new offers from Asia. Turkish HRC for September-October shipment was offered at €570-590 per tonne CFR, including the anti-dumping duty. HRC from Ukraine was offered to Italy at €565-575 per tonne CFR. A small deal for India-origin HRC to Italy was reported at $625 per tonne CFR.

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