Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was stable largely stable at €439.69 ($491.65) per tonne on Tuesday January 7, compared with €439.38 per tonne on January 6.

The index was based on deals and “workable” prices heard at €435-440 per tonne ex-works.

Market activity has been low since buyers are just starting to return to the market after Christmas and New Year holidays across Europe.

The mood in the market is largely upbeat due to the positive effects of production cuts in Europe, support from expected re-stocking by distributors and a lack of competitive import offers in Europe.

Market activity will recover by mid-January, according to market sources. Until that time, buyers and mills are expected to remain in “wait-and-see” mode.

Prices for similar material in Italy have been heard at €420 per tonne ex-works.