Last week, a lot of market players have been closely watching developments in the European flats market, where import demand for hot-rolled coils (HRC) and slabs has remained active, and both import and domestic prices have continued rising. Asia remains the key source for finished flat steel and slabs in Europe nowadays. Moreover, the suppliers prefer to concentrate on this market, while the demand and pricing in their regional market still lags behind, even despite the considerable price hike in Vietnam seen this week.

The European market remains one of the most active in terms of import slab and HRC purchases globally. On the one hand, domestic HRC and plate producers, particularly in Italy, are suffering from undersupply of slabs and are trying to substitute ex-Ukraine volumes with material of other origins. On the other hand, the significant hike in domestic prices for HRC has supported continuing imports at consequently increasing prices.