The Italian market was comparatively quieter amid supply constraints, while some market participants believed this would soon result in Italian prices matching those in Northern Europe.
The most recent indications of tradeable levels in Northern Europe varied within a wide range of €730-750 ($850-874) per tonne ex-works.
A seller source reported a tradeable-level indication for material scheduled for delivery in a week or two within the range of €730-740 per tonne ex-works, and another indication at €740-760 per tonne ex-works for material scheduled for delivery in October.
Other market sources contacted by Fastmarkets also indicated tradeable levels within the range of €730-750 per tonne ex-works.
At the same time, offers from suppliers in Germany and the Benelux area varied within the range of €770 per tonne ex-works to €800 per tonne delivered, which is equivalent to €785 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €741.25 ($863.58) per tonne on August 28, unchanged day on day.
The index was up by €19.17 per tonne week on week and by €32.50 per tonne month on month.
In Italy, the market leader was said to raise offers to €750 per tonne delivered or €735 per tonne ex-works; however, the most recent tradeable levels varied within the range of €710-720 per tonne ex-works.
Nevertheless, market participants interviewed by Fastmarkets believed the level targeted by the market leader would be quickly achieved, considering production issues at other suppliers, which, combined with constrained imports, are leading to reduced availability of the material in Italy.
Metinvest’s Ferriera Valsider has recently announced force majeure following a problem with its engine.
Meanwhile, Acciaierie d’Italia (ADI) might be forced to stop steelmaking by October, following the recent court ruling.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €717.5 per tonne on August 28, stable day on day.
The index was up by €5 per tonne week on week and by €7.81 per tonne month on month.
The import segment was quiet, with a minimal number of offers heard during the week to August 28.
Turkish HRC was available at €540 per tonne CFR, excluding any duties. The material from South Korea was offered at €720 per tonne DDP.
Author: Vlada Novokreshchenova
