Steel slab suppliers to Italy were targeting higher prices in the week to Friday October 14, while buyers resisted an increase amid a weakening finished steel products market, sources told Fastmarkets.
In general, import slab offers to Italy were reported mainly at $600 per tonne cfr and higher in the week to Friday.
Notably, India-origin slab with December shipment was offered to the nation at $620 per tonne cfr, while an offer from Indonesia was heard at $610 per tonne cfr.
A supplier from South Korea was targeting a level of $590-600 per tonne cfr, after having concluded several deals for sizeable tonnages at $560-570 per tonne cfr in early October.
One market source, however, reported a transaction for South Korean slab done at $590 per tonne cfr during the week to Friday, but it was not widely concluded by other sources.
The highest bids from the re-rollers in Italy were reported at $580 per tonne cfr, while trading sources agreed that the workable price level for import slabs in Italy would be “below $600 per tonne cfr.”
“The plate market is very weak, there is a lot of pressure from buyers to decrease prices,” a trading source said.
As a result, Fastmarkets’ weekly price assessment for steel slab, import, cif Italy, was $580-590 per tonne cfr on Friday, up by $20 per tonne from $560-570 per tonne on October 7.
The assessment was a reflection of bids, lower end of offers, and market sources estimations of achievable prices.
Published by: Julia Bolotova