Import offers for hot rolled coil from Asia into Italy have decreased by approximately €40/tonne ($44.1) compared to the beginning of last month. However, purchasing interest remains low, Kallanish notes.

HRC offers from Asian suppliers in Italy range from €560-570/t cfr, but Japan and some other countries are not currently offering. Local buyers are not in the mood to purchase from origins that have exhausted their EU quotas and have long lead times. India is reported offering faster delivery times and quoting the lowest price in the range.

European coil prices are experiencing a decline as a result of low consumption in most end-user sectors, such as automotive and white goods. Prices are currently at around €600/t base ex-works, but €590/t is also available.

Nevertheless, the domestic market has not yet resumed sales and purchasing activity following the summer break. The majority of re-rollers and service centres have adopted a wait-and-see approach. According to two local sources, they have no intention of purchasing this week. Rumours are circulating regarding Turkish coil being offered at an exceptionally low price in Italy.

One service centre anticipates that activity will recommence within the next few days. Sales volumes are anticipated to be "acceptable" in September; however, service centre customers report a 20-25% decrease in activity compared to last year.

European mills are either not providing quotes or are offering at €600-610/t base ex-works. They should now be starting to offer material with October delivery. Italian market participants anticipate HRC contract levels will reach €570/t base ex-works this month.