Steel plate prices dropped again in Italy during the week to Wednesday July 27, while those in Northern Europe were stable, market sources told Fastmarkets.
Domestic steel plate prices in Italy remained under pressure this past week because of slow buying activity and cheaper imports, sources said.
Bids from large buyers were reported at €930-950 ($945-966) per tonne exw, while transactions during the assessment week were heard done between €950 and €1,000 per tonne exw.
Offers from local plate producers were heard at €1,000-1,100 per tonne exw, but the high end was considered too high for the spot market, sources told Fastmarkets.
“We mainly sell [plate] at €1,100 [per tonne exw] and higher for projects,” a mill source told Fastmarkets.
A booking of plate from Asia with October delivery was heard at €870-890 per tonne cfr.
As a result, Fastmarkets’ price assessment for steel domestic plate, 8-40mm, exw Southern Europe was €950-1,000 per tonne on Wednesday, down by €50 per tonne from €1,000-1,050 per tonne one week prior.
This assessment reflects offers, deals and market participants’ estimations of achievable prices heard during the week.
The steel plate market in Northern Europe was also quiet over the past week, with buyers still overstocked with commodity grades, Fastmarkets heard.
“Buyers hold sufficient stocks, and sales are quite slow in the secondary market; everyone prefers to hold back from purchasing [new tonnages of plate],” a trading source in the region told Fastmarkets.
Mills in the region were also not in a rush to cut offer prices for the spot market, citing strong order books.
Notably, plate offers from German integrated plate steelmakers were reported at €1,400-1,450 per tonne exw in the week to Wednesday.
One mill in the region was heard offering plate at €1,350 per tonne exw, sources said.
Buyers, however, were looking to pay closer to €1,300-1,350 per tonne exw, according to sources.
As a result, Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe remained at €1,300-1,350 per tonne on Wednesday, unchanged from a week earlier.
The assessment was a reflection of the lower end of offers and market sources’ estimates of achievable prices.
Italy-origin plate was offered to the south of Germany at €1,000-1,100 per tonne cpt, depending on volume and chemistry.
Published by: Julia Bolotova