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EU coil traders report a slight increase in enquiries - 5 July 2012

Traders of flat products in Europe have registered a slight increase in enquiries from customers since the main local mills, such as ArcelorMittal and Tata Steel, have announced the intention to increase their selling prices. Buyers are currently actively looking for material to be delivered at the beginning of the fourth quarter as stocks are relatively low, but concluded deals remain few.

This week a trader in Antwerp reported a Russian mill having secured a booking for delivery of 1,500 tonnes of hot rolled coils in September at €490/t cfr, while Indian suppliers are currently achieving sales at €500-510/t cfr Antwerp. Turkish mills have reduced slightly their offers, but are still not attracting big orders despite being at some €515/t cfr Antwerp.

A Swiss-based trader confirmed the number of enquiries in Europe have increased in the last few weeks, both for coils and heavy plates, but remained negative regarding a significant recovery in traders’ business by the end of this year. He stressed that European mills remain in a good position to pass on the slight increase announced since beginning of June due to the exchange rate advantage.

Cold rolled coils from China are offered this week to traders at some €575-585/t cfr Europe, with offers to end-users being at some €585-590/t FOT. Nevertheless this level is not considered competitive. “Adding the trader’s margin we could start being competitive if we can offer below the €580/t FOT,” a trader explained.

 

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