It is reported that one of the major Russian steel mill has increased its HRC export offer price to Europe and is now asking for EUR 490 per tonne CFR FO, which translates to USD 697 per tonne considering EUR:USD exchange rate of 1.42158

Of course there are no takers at such levels.

It is also heard that a major HRC buyer in Italy is refusing HR prices over EUR 400 per tonne.

As per market players, possible price for transactions could be about EUR 435 per tonne to EUR 440 per tonne (USD 620 to USD 630)

It is also heard that Essar Steel Algoma has started to offer HRC to Latin America and Europe, which is a possible sign that they need orders to load the mill.

In addition, Chinese mills, which are offering HRC at about USD 560 per tonne CFR India, could fill the gap in European market by lwering the levels.