[SMM Steel] European HRC Market Quiet as Mills Push for Higher Offers
[European Union] European HRC trading remained subdued during the summer holiday period, although expectations are building for improved demand in September as buyer inventories decline and import restrictions tighten. Northwest European HRC was assessed at around USD 836/tonne ex-works, while Italy stood near USD 834/tonne ex-works. Some northern mills have raised offers to around USD 865-880/tonne ex-works, although market participants generally see levels above roughly USD 853-865/tonne as difficult to achieve for now. Tighter import quotas and CBAM are expected to strengthen domestic mills' negotiating position.