Domestic hot-rolled coil prices again increased day on day in Europe on Wednesday May 19 due to a combination of a shortage of material and strong demand, sources told Fastmarkets.
On Wednesday,
ArcelorMittal increased its official coil offers to ?,?1,150 ($1,403) per tonne ex-works, up by ?,?50 per tonne.
The majority of European steelmakers have been holding back on making coil offers in the spot market; those still active in the market have limited volumes available and offers remain valid for now, market sources said.
"Allocations are limited from both European mills and import, so buyers have almost no opportunity to get the material," a Northern European source said.
Overseas suppliers have also been holding back on HRC sales to Europe, either due to the effects of the safeguard trade measures or higher prices achievable in alternative export markets, such as the United States.
As a result, European buyers are being forced to accept higher prices in order to...