Domestic prices for hot-rolled coil in Northern Europe have increased both day on day and week on week, supported by good order books among the region's steelmakers and a lack of overseas alternatives, market sources told Fastmarkets on Wednesday October 28.
Fastmarkets calculated its daily
steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?505.00 ($596.70) per tonne on Wednesday, up by ?,?6.67 per tonne day on day from ?,?498.33 per tonne on October 27.
The index was also up by ?,?7.50 per tonne week on week and by ?,?18.21 per tonne month on month.
Wednesday's index was based on deals and "achievable prices" heard at ?,?500-520 per tonne ex-works.
Official offers, in the meantime, have been heard at ?,?520-550 per tonne ex-works, market sources said. The mills claimed that they were sold out until February-March shipment HRC, resulting in tight supply of the material.
One German mill, however, was reported to still be able to offer HRC for late-December delivery, and it was ready to trade at ?,?510 per tonne ex-works.
"I think most buyers are waiting for approaches by EU mills to...