Northwest European HRC prices increased

Some steelmakers have withdrawn their offers from the market and are expected to return with higher offers early next week.

ArcelorMittal and Tata Steel withdrew their offers on March 2. It is said that the next week will see higher prices. HRC offers are expected to rise by another Eur 20/mt to Eur 860/mt for German delivery.

The price increase was supported by solid order books from European manufacturers, limited availability, long lead times for imports, and anticipated restocking revival.

Some steelmakers in Northwest Europe were able to bid in limited quantities due to technical problems at the mills, and a steelmaker in Italy is reportedly focusing on selling non-commodity grade coils.

Manufacturers and most market sources expect distributors to start replenishing their stocks soon as they have stopped purchasing larger volumes of coils since mid-January.

HRC import offers for end-July-August delivery were only given at Eur 750-790/mt CIF Antwerp from Asia. After the February earthquakes, offers from Turkey did not come.