Steel News 13 March 2024 – GTS Steel – Vietnam Steel Supplier

European HRC prices keep stable and see the buyer’s reaction – Updates from Steel Suppliers In Vietnam

Sources informed Fastmarkets on Monday, February 5, that domestic prices for hot-rolled coil (HRC) in Europe remained relatively stable amidst subdued activity in the spot market. Mills located in Northern Europe upheld their offers for HRC within the €780-820 ($841-884) per tonne range ex-works.

Although market participants assessed tradable levels at around €750-770 per tonne ex-works, trading activity remained extremely limited, with no significant transactions reported. A buyer source in the Benelux region corroborated these price levels but hinted at their potential transience, suggesting that market dynamics might prompt adjustments in the near future.

The buyer source emphasized the current low trading activity, attributing it to a prevailing sense of cautious anticipation among market participants. They suggested that if market activity fails to pick up, mills might be compelled to reassess their pricing strategies.

Another buyer source echoed the sentiment of weak trading conditions, noting a lack of restocking due to subdued end-user demand. They highlighted the absence of a discernible price trend, describing the market as stagnant, with mills reluctant to lower prices owing to satisfactory order books.

Fastmarkets’ daily HRC steel index for domestic prices, ex-works Northern Europe, was calculated at €760 per tonne on Monday, marking a marginal decrease from €761.00 per tonne on February 2. However, the index demonstrated a weekly increase of €5.83 per tonne and a monthly surge of €65.00 per tonne.

Offers for HRC originating from Vietnam and Taiwan were reportedly in the range of €660-670 per tonne CFR to Antwerp. However, interest in bookings remained tepid due to depleted import quotas.

In Italy, Fastmarkets’ corresponding daily steel HRC index was assessed at €752.50 per tonne on Monday, reflecting a slight decline from €755.00 per tonne on February 2. Despite this, the index registered a modest weekly decrease of €0.83 per tonne but showed a significant monthly rise of €62.92 per tonne.

Italian mills sustained their offers for HRC at €780 per tonne delivered, translating to approximately €765-770 per tonne ex-works. However, buyer sources suggested feasible market levels within the €740-755 per tonne ex-works range, with only one source considering a higher level of €765 per tonne as achievable.

Demand remained subdued, with buyers adopting a cautious approach to purchasing. Asian HRC import offers to Italy were reportedly in the range of €635-660 per tonne CFR, although there were discrepancies regarding the lower end of the price spectrum.

Import offers from Egypt to Italy were perceived as viable at €660-670 per tonne CFR, while offers from Japan, Taiwan, and Vietnam ranged between €670-680 per tonne CFR, with even lower offers heard at €655 per tonne CFR. Additionally, import offers from India to Italy were reportedly at €690 per tonne CFR.

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HRC prices keep stable in Europe, but weak demand – Updates from Steel Suppliers In Vietnam

According to industry sources, the stagnation persisted in the European markets for steel hot-rolled coil on Tuesday, February 6, with prices remaining largely stable amid subdued trading conditions, as reported by Fastmarkets.

Buyers of hot-rolled coil (HRC) in Europe continued to delay restocking activities due to sluggish sales to end-users and ample inventories, market sources revealed.

A stockholder in Germany disclosed, “Our sales to the automotive industry during January were lower than we planned. There is no immediate need to book new tonnages [of HRC] for stock.”

Consequently, recent transactions have mainly been hand-to-mouth, with buyers opting to purchase only essential quantities, according to information gathered by Fastmarkets.

In Northern Europe, buyers’ assessments of tradable values hovered around €750-770 ($807-828) per tonne ex-works for coil scheduled for delivery in April.

Despite the sluggish trading observed in the spot market over the past few weeks, European mills felt no pressure to adjust their prices as they maintained healthy order books for first-quarter rolling HRC, market sources disclosed.

Official offers from mills in Northern Europe remained unchanged at €780-820 per tonne ex-works for HRC deliveries in April.

Fastmarkets’ daily steel HRC index, domestic, ex-works Northern Europe, was computed at €759.58 per tonne on Tuesday, recording a marginal decrease of €0.42 per tonne from €760.00 per tonne on February 5. However, the index displayed a weekly increase of €2.70 per tonne and a monthly surge of €64.58 per tonne.

Meanwhile, in Southern Europe, Fastmarkets’ corresponding daily steel HRC index, domestic, ex-works Italy, stood at €752.50 per tonne on Tuesday, showing no change from the previous day. The index witnessed a weekly decrease of €1.25 per tonne but a monthly rise of €62.92 per tonne.

Official offers from Italian mills for coil deliveries in March and April were reported at €780 per tonne delivered (€765-770 per tonne ex-works), with one HRC steel manufacturer and producer offering HRC at €800 per tonne delivered (€785-790 per tonne ex-works).

The Italian market remained subdued, with buyers adopting a cautious approach and only replenishing stocks of special grades and sizes when necessary.

Estimates of tradable values ranged between €745-760 per tonne ex-works on Tuesday, reflecting the prevailing market sentiment.

“Due to low downstream demand, buyers have ample stocks and are refraining from making purchases,” remarked a steel coils supplier in Vietnam

Two sources informed Fastmarkets on Tuesday that Vietnamese HRC suppliers had reduced their offers for late-March/early-April shipments to Europe. The latest prices were cited at €635 per tonne CFR to Southern Europe earlier this week, attributed to weak domestic demand, according to market sources.

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Despite the considerable price differential compared to domestic prices, market sources exhibited a reluctance to make bookings, taking into account associated risks.

“Vietnam falls into the ‘other countries’ category for imports into the EU, so there is quite a big risk of duty payment upon arrival of HRC material at ports,” cautioned a buyer in Italy. “And of course, we still have logistics issues due to the Red Sea crisis.”

Suppliers in Taiwan, Japan, and India were offering HRC to Italy at prices ranging between €660-690 per tonne CFR.

Hot Rolled Coils market goes slowly in EU, due to big inventories – Updates from Vietnam’s Steel Manufacturers

On February 6, activity within the European hot-rolled coil market remained sluggish, attributed to ample inventories, prompting buyers to exercise caution in their purchasing decisions amidst near-term price uncertainties. A source from a steel manufacturer disclosed, “There is hesitation among buyers to restock, and they prefer to engage in back-to-back trades of smaller lots. The restocking momentum observed in January quickly dissipated.”

Reports indicated deals being finalized at Eur720/mt ex-works Ruhr, a figure considered unrepeatable by market standards. Tradable values were cited within the range of Eur720-780/mt ex-works Ruhr, with a majority of tradable value indications falling between Eur740-760/mt ex-works Ruhr. Offers originating from a steel supplier were noted at Eur720/mt ex-works Benelux.

Platts maintained its assessment of the price of domestic HRC in Northwest Europe, remaining stable at Eur750/mt ex-works Ruhr on February 6.

Despite concerns among some market participants regarding the sustainability of the price trend due to lackluster demand, steel mills maintained firm offers owing to healthy order books and a general disinterest in imports.

A trader based in Germany highlighted, “Import prices are on the rise due to escalating freight costs stemming from the necessity to divert ships around Africa instead of utilizing the Suez Canal.”

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Asian steel mills extended offers for HRC within the Eur 660-680/mt CIF Antwerp range, targeting end-second quarter arrival and third-quarter delivery cargoes. However, these offers failed to attract bids as buyers expressed uncertainty regarding safeguard quotas for the second quarter and their potential extension into the third quarter. Offers at the lower end of the range originated from Vietnam, with delivery scheduled for the third quarter, resulting in lead times deemed too lengthy to stimulate buying interest.

Platts revised its assessment of the price of imported HRC in Northwest Europe, marking an increase of Eur10/mt on the day, reaching Eur670/mt CIF Antwerp on February 6.

About Us – GTS Steel

GTS Steel is engaged principally as Steel Supplier (Exporter) as well as agent of top largest steel manufacturers in Vietnam and China, our mission is to connect you with suitable leading steel manufacturers, to support you to get the best quotation from reliable steel manufacturers.

For over 10 years in steel field, GTS Steel have set up deep connections with steel manufacturers/ steel mills in Vietnam and China, our steel products are exported to over 50 countries. We are confident to bring the best price and service to our customers with various types of steel coils products:

– Hot Rolled Coils steel – HRC
– Cold Rolled Coils – CRC
– Coated Steel (Galvanized steel/ Galvalume steel coils, Prepainted Steel Coils – GI, GL, PPGI, PPGL)
– Wire rods, Beams
– Stainless steel
– Steel pipes…

We believe that our sourcing services will help you to find the right manufacturers with qualified quality steel products and best competitive prices.

If you are looking for steel coils products from leading steel manufacturers in Vietnam and China, please feel free contact us at:

GTS Steel Pacific Ltd

🏢 Address: 2B NTMK, Dakao Ward, District 1, HCM City, Vietnam

📞 Mobile/Whatsapp/Wechat: +84 907 112 447

📧 Email: enquiry@gtssteel.com

🌏 Website: https://gtssteel.com/