EU HRC prices stable due to winter holiday lull

Friday, 05 January 2024 14:13:57 (GMT+3)   |   Istanbul
       

While most EU market players are yet to come back from the Christmas and New Year holidays, the HRC price range in Europe has remained stable during the holiday period. Meanwhile, most market insiders expect new offers from mills to keep rising in the first quarter this year.

In particular, official offers from European mills have been estimated at €700-750/mt ex-works for February-March delivery, the same as before the holidays. Offers from mills in Italy have settled at around €700-710/mt ex-works, while the tradable level has still been estimated at €680-700/mt ex-works levels. “There is no trade as both sellers and buyers are still on holidays. More clarity will be seen next week when all return to work,” a market insider told SteelOrbis, adding, “Although sentiments among producers are still bullish, slow demand will remain an issue.”

Meanwhile, mills in the north have been offering their materials for February-March delivery at around €720-730/mt ex-works, with some offers even heard at €740-750/mt ex-works. According to sources, given rather good order books and lower supply amid output cuts in late 2023, most mills are still bullish for their spot sales in January.

Meanwhile, considering the absence of buyers during the holidays, import activities have remained subdued, with the indicative prices are estimated at €650-685/mt CFR, the same as last week. “We expect more clarity in the EU after January 8 when the market will return to work. For now, sentiments are rather positive in the local EU market and new deals are expected at stable or even higher levels in the next round,” an Indian trader told SteelOrbis.


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