Domestic prices for hot-rolled coil increased substantially across Europe in the week to Wednesday December 9 due to a materials shortage in the market combined with good demand from distributors, sources told Fastmarkets.
Fastmarkets calculated its daily
steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?603.33 ($730.77) per tonne on Wednesday, up by ?,?25.83 per tonne from ?,?577.50 per tonne on December 8.
The index was up by ?,?37.56 per tonne week on week and by ?,?90.20 per tonne month on month.
Wednesday's index was based on deals and "workable" prices heard at ?,?590-620 per tonne ex-works.
Last week, ArcelorMittal announced that it had
increased the offer price for its second-quarter-rolling HRC to ?,?650 per tonne ex-works in both Northern and Southern Europe. This was not included in the index calculation because no deals were confirmed at such prices, and buyers said that they were an indication that mills were simply seeking higher prices rather than reflecting the actual market level.
Fastmarkets' weekly price assessment for steel HRC, domestic, exw Southern Europe, was ?,?580-590 per...