HRC Hot Rolled Coil Sales Slow Down In August

In Southern Europe, HRC prices have risen by € 2 /t from the beginning of August to € 410 /t. However, the summer lull appears to have left European steel demand with spot HR coil prices hovering or close to 12-month lows.

Hot rolled steel sales volumes slowed in the northern and central states of India. Finished goods warehouses operating in these regions began to offer additional discounts to speed up transactions. The bid price from Asian suppliers of commercial grade coils for August shipment was $ 535-550 per tonne CFR (excluding 7.5 percent import duty and port handling charges).

Monsoon rains have limited construction activities in the central, northern and southern states of India. Primary steel producers have expressed concern over the government's decision to impose an import duty of 2.5 percent on metallurgical coking raw materials. Previously, there were no duties on key steelmaking raw materials. Meanwhile, the government imposed a 5.0 percent import duty on structural steel products.

In the United States, hot rolled steel prices are up $ 2 per tonne, or 0.3 percent, to $ 667 per tonne since early August. Prices in the US Midwest (FOB Mill) continue to rise, albeit tentatively, as buyers resumed buying in anticipation of further increases in prices from steelmakers in the coming weeks. Prices increased by several dollars to $ 665-670 per ton.