Post vacation European mills and buyers are rearing to go that extra mile. Mills are confident of attaining ambitious price hike whereas buyers are eager to replenish stocks. The scent of positivism is pervasive across long and flat products.
In the milieu import offers have been revised without evoking perceptible interest. Although Chinese and Indian mills are unable to cut much ice, Brazilian mills reeling under domestic price debacle are aggressively offering CRC, at levels below EUR 600 per tonne CFR FO basis.
Russian Mills are offering with slight increases over pre vacation levels. Moreover since some of them exhausted their quota for HRC, expectedly their will be temporary spurt owing shortage before the domestic mills finally takeover.
HRP demand remains poor due to lack of fresh infrastructure projects and investments. However on opening marginal activity has led to a token price rally of EUR 10 per tonne to EUR 20 per tonne.