The UK coil market remained under pressure from slower demand and elevated stocks in the week to Friday, sources said.
Indian hot rolled for September-October arrival was being offered at GBP445-GBP448/mt DDP West Midlands, traders and a buyer said.
This was cheaper than the best domestic prices, which remained around GBP457-GBP465/mt, sources said.
Turkish material was offered at GBP470/mt DDP for September-October, one trader and one buyer said.
Most stockholders bemoaned softer outsell prices, which were having a pernicious impact on the market.
"One order we sent out last week made a margin," a service centre source in the West Midlands said.
He said he had lost hot rolled sheet business at GBP485/mt DDP on a couple of big orders, when replacement HRC was landing around GBP500/mt.
"I think people are liquidating stock and getting rid, people have got to sell it to pay for it.
"There's no commercial sense in the marketplace and no forward prices that support the levels people are selling at," he added, suggesting June and July would be destocking months as people tried to restore the supply and demand equilibrium.
A trader added: "There's too much stock on the ground and it's not filtering through as quickly as we want it to. Certainly I can still see a lot of it being round well into Q4."
One trader said service centers had created their own problem by cutting prices to win business when demand was not there; they were working hard to sell as they were desperate to invoice discount, he said.
"I don't think there's a massive amount booked for Q3-Q4, so the stock will work itself way through by the end of Q3," he added.
Buyers continued to hold off as they expected to get cheaper prices in a week.
"Stocks at the docks are possibly the highest they have ever been but again forward orders particularly with no more Chinese coming in are attenuated, the stocks will mostly be down by October-November," another service centre source said.
He also questioned where galv supply would come from once China exited the market given the impending duty.
