EUROPE HRC: Tight supply, strong demand supports bullish sentiment

Domestic prices for steel hot-rolled coil in Europe continued to recover over the week to Wednesday February 24, supported by material shortages combined with good demand, sources have told Fastmarkets.

Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?730.68 ($888.23) per tonne on Wednesday, up by ?,?4.68 per tonne from ?,?726.00 per tonne on February 23.
The index was also up by ?,?1.68 per tonne week on week and up by ?,?19.43 per tonne month on month.
The calculation of Wednesday's index was based on achievable prices heard at ?,?720-740 per tonne ex-works and deals reported at ?,?725-745 per tonne ex-works.
Fastmarkets' corresponding price assessment for steel HRC, domestic, exw Southern Europe, was ?,?700-720 per tonne ex-works on February 24, compared with ?,?700-710 per tonne a week earlier.

The assessment reflected average achievable prices heard in the market. One Italian buyer estimated "workable" prices at ?,?690-700 per tonne ex-works, but the lower end of the range was not confirmed by other sources. Prices in Spain, in the meantime,...

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