Fastmarkets’ daily index for steel hot-rolled coil index domestic, ex-works Northern Europe was unchanged at €439.39 ($487.01) per tonne on Tuesday December 24.

The calculation of the index was based on the latest deals and achievable prices, which were reported at €435-440 per tonne ex-works.

Offers for domestic material in the region were heard at €440-450 per tonne ex-works.

Market activity has been close to zero due to the Christmas/New Year holiday period across Europe and the situation is unlikely to change until the middle of January 2020, sources said.

Despite the slowdown, sentiment remains positive and domestic prices are expected to move up in January due to production cuts in Europe and lack of competitive import offers.

Fastmarkets’ daily index for steel hot-rolled coil index domestic in Northern Europe has moved up by €7.76 per tonne since the beginning of December.