Buying activity has continued, however, but subject to limited demand from end-users and sufficient stocks held by buyers.
“Market activity is almost non-existent, and the situation is not going to change because in August the mills will go on maintenance [outages] and trading is [already] close to zero,” a European trader said.
“There is no real hope for a recovery in demand until September, but there are more uncertainties in the market related to the upcoming [European Union] safeguard case review and [concern over] emissions… at the Italian plant [formerly known as] Ilva [but now trading as ArcelorMittal Italia],” he added.
Fastmarkets’ weekly price assessment for steel hot-rolled coil, domestic, exw Northern Europe, was €475-490 ($532-549) per tonne on July 10, compared with €480-495 per tonne ex-works a week earlier.
This reflected the small number of transactions and the “workable” prices heard in the market, while official offers have been heard at €490-505...