Domestic prices for hot-rolled coil in Europe have continued to rise, supported by tight domestic and overseas supply and strong demand, sources told Fastmarkets on Wednesday May 26.
Although buyers had to accept higher prices to secure their required volumes, they have become more cautious about the sustainability of the upward trend in Europe due to falling prices in China.
The
drop in Chinese flat steel prices, however, has not had any effect on the European market so far.
Fastmarkets calculated its daily
steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?1,141.00 ($1,396.87) per tonne on Wednesday, up by ?,?1.83 per tonne from ?,?1,139.17 per tonne on May 25.
The index was also up by ?,?44.85 per tonne week on week and by ?,?169.75 per tonne month on month.
Wednesday's index was based on estimates of achievable prices from market participants at ?,?1,100-1,150 per tonne ex-works and offers at ?,?1,150 per tonne ex-works.