Italy steel heavy plate prices widened upward during the week to Thursday March 5, while the Northern Europe market remained stable despite the conflict in the Middle East, rising energy prices and higher offer prices.
Italian heavy plate prices moved up with a spike in energy prices in Europe and higher slab feedstock prices adding to bullish offers because of the conflict between Israel, the US and Iran.
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe, was €700-730 ($811-846) per tonne on Thursday, widening upward by €10 per tonne week on week from €700-720 per tonne.
“As for plate, there is the slab effect and there is the gas effect – energy prices [jumping upward] since the start of the Iran [conflict],” one producer source said, who added that production costs have consequently risen.
Dutch TTF Natural Gas Futures rose considerably following the initial military strikes on Iran by Israel and the US on February 28, with gas prices rising to a peak of €54.29 per MWh on March 3 from €31.96 per MWh on Friday. Dutch TTF Natural Gas futures prices started to fall after Tuesday, to €48.77 per MWh on Wednesday.
Meanwhile, Italian plate offers were made at €750 per tonne ex-works for May production.
Slab feedstock offers also increased in the week due to higher freight costs, geopolitical uncertainty and disruption of Iranian supply to the global market.
Northern Europe
Steel plate prices in Northern Europe’s domestic market remained unchanged, despite higher energy costs.
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe, was €720-770 per tonne on Thursday, unchanged week on week.
