EU HRC: Prices fall despite some higher import quotes
The Italian hot-rolled coil (HRC) market softened further today, as mills looked to sell rollings ahead of the year-end.
Argus' daily Italian index slipped by €3.25/t to €390/t ex-works, meaning it is down by €31/t since the beginning of October. The northwest European HRC market remains quiet, with participants hoping a large industry gathering in Stuttgart, Germany, next week will provide more clarity. The daily northwest Europe index was static at €416.25/t ex-works, while the November swap was assessed €1.50/t lower at €425/t and December remained unchanged at €432/t.
Import offers from certain regions have moved up, with multiple trading firms alluding to Indian and Taiwanese quotes as high as €400/t cfr Italy on an effective basis. But Turkish material has been offered lower, albeit for large cargoes.
One Turkish mill was offering into Italy at about $430/t cfr on an effective basis, equating to €386/t cfr. Another Italian buyer was seeking Turkish material for January shipment.
There was talk of one Italian mill offering competitively to move material, although two others are not as aggressive in the market. Many market participants question what could occur at ArcelorMittal Italia, with the company scheduled to meet government officials soon to discuss the future of the beleaguered Taranto plant.
A German buyer said central and eastern European offers for coil, and heavy plate, were competitive, with the latter offered as low as €485/t delivered from Romania. Some central and eastern European are also making their presence felt in Italy, service centre sources said.
source: Argus Media
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