Although the prices have not changed significantly, the market remains under downward pressure from poor demand.
Domestic prices for HRC in the north of Europe have been stable over the week, despite the remaining pressure from poor demand and shortening lead times, which indicates there are insufficient deals in the order books of the region’s steelmakers, market sources said.
Fastmarkets’ weekly price assessment for steel HRC, domestic, exw Northern Europe, was stable over the week at €425-430 ($473-479) per tonne on October 23.
A few deals for the material have been heard at €425-430 per tonne ex-works, while official offers have been reported at €430 per tonne ex-works.
In the meantime, some trading sources believe that prices have not reached the bottom just yet and said that mills will accept a further reduction to €415-420 per tonne ex-works. This range, however, was not included in Fastmarkets' price assessment because it has not yet been backed up by deals.
Market participants have...