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Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at €560.00 ($669.88) per tonne on Friday, up by €18.75 per tonne week on week and by €61.67 per tonne month on month.
Friday’s index was based on achievable prices heard at €550-570 per tonne ex-works.
Official offers were heard at €580-600 per tonne ex-works. These offers were not included in the index calculation because no deals were confirmed at those prices. And buyers viewed these offers as an indication that mills were simply seeking higher prices rather than reflecting the actual business level.
The region’s producers were also set to raise their offers by a further €50 per tonne due to a significant increase in transaction prices, market sources told Fastmarkets.
Fastmarkets’ weekly price assessment for steel HRC, domestic, exw Southern Europe, was €540-550 per tonne on November 25, up by €30-40 per tonne week on week from €500-520 per tonne.
Italian producers have been trading HRC at €540-550 per tonne ex-works.
Market sources believed that domestic coil prices would continue to rise due to the shortage of material in the market, combined with solid demand. Some buyers claimed that they have not been able to source required volumes.
A Northern European source said that mills in the North have sold out for January-March 2021, while Southern European producers have been trading February-April rolling coil.
No import offers to Northern Europe were heard during the week. Buyers estimated that any offers from traditional non-EU suppliers would be too high compared with local mills’ prices.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr main port Northern Europe, jumped to €560-570 per tonne on November 25, compared with €490-505 per tonne a week earlier. The assessment reflected achievable prices heard in the market.
At the end of last week, Russian steelmaker Severstal was offering HRC to Northern Europe at €580 per tonne fca Antwerp.
And Fastmarkets’ weekly price assessment for steel HRC, import, cfr main port Southern Europe, surged to €550-570 per tonne on Wednesday, compared with €490-500 per tonne a week earlier.
Offers of HRC in Italy were heard at €550-570 per tonne cfr.