Italian plate prices mainly flat; imports from South Korea to take a major hit from new safeguards
Italy
In Italy, offers for S275 heavy plate were reported by buyers and sellers at €660-670 ($719-730) per tonne ex-works, stable week on week.
Transactions for such material were heard at lower levels of €640-650 per tonne ex-works. One supplier reported having sealed a deal for a minor tonnage at €660 per tonne ex-works.
The cost of import slab – the key feedstock for plate production – was stable at $500-530 per tonne CFR. But due to the US dollar depreciation against the euro, rerollers felt more “comfortable” maintaining heavy plate prices at €640-650 per tonne ex-works.
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe was unchanged at €640-650 per tonne on Wednesday.
The US dollar was hovering around at $1.09 to €1 on Wednesday, compared with $1.04 to €1 a month earlier.
Trading in the spot market for heavy plate has picked up in March compared with the low levels observed in January and February, but overall traded volumes remained limited.
Sources expect no major price changes in the near term, they said.
Safeguards reaction
The market was digesting news about safeguard adjustments, which were made available on Tuesday March 11
While quota cuts for heavy plate were not as severe as expected (see table), there was a newly introduced cap per single country over the tariff rate quota (TRQ) volume initially available in each quarter, set at 20%.
This will affect steel plate imports falling under the ‘other countries’ category. Notably, South Korea, Indonesia and India are major heavy plate suppliers to the EU under that category, offering the most competitive prices, according to market participants in Europe.
For example, the total allowance for steel heavy plate deliveries from ‘other countries’ for 2025 is set around 2.2 million tonnes. That means that with the 20% cap, each individual country falling under “other countries” category cannot supply more than 440,000 tonnes per year of steel plate to Europe.
Major disruption from new safeguards was expected for South Korean suppliers.
Notably, in 2024, South Korea delivered around 800,839 tonnes of plate to the EU, according to Global Trade Tracker (GTT) statistics, which is double the new allocation volumes.
India supplied around 470,816 tonnes of plate to the bloc in 2024, while Indonesia supplied 430,693 tonnes.
The most recent deals for May-shipment plate from South Korea to Italy and Spain were done at €570-580 per tonne CFR in early March.
Fastmarkets weekly assessment for steel plate (8-40mm) import, cfr main port Southern Europe was at €570-580 per tonne on Wednesday, stable week on week.
Sources said the move to maintain the individual heavy plate quota for Ukraine was a “strange decision” considering that after the Russian invasion of the country in 2022, plate exports from Ukraine have almost vanished.
Ukraine’s key plate-producing assets were Metinvest’s Mariupol-based plants Azovstal and Ilyich Iron & Steel, but as a result of Russia’s invasion, Metinvest has lost control of both.
In 2024, total plate deliveries from Ukraine to Europe were practically zero, GTT statistics show.
“It’s a weird decision to keep individual plate quota for Ukraine, considering that plate-producing facilities have been destroyed by Russia. Those volumes could have been added to global [plate] quota,” one buyer in Italy said.
Besides, Ukrainian steel imports has been exempted from EU anti-dumping duties and safeguard measures since June 2022 with a further three-year exemption proposed by the European Commission on March 11, 2025.
European heavy plate prices largely unchanged amid limited trading
Italy
In Italy, offers for S275 heavy plate were reported by buyers and sellers at €660-670 ($695-706) per tonne ex-works, while transaction were heard at lower levels of €640-650 per tonne ex-works, Fastmarkets heard.
Traded volumes were still limited because buyers were monitoring the market, awaiting clarity on the safeguard measures.
Some suppliers were heard to be accepting €630 per tonne ex-works for bigger volumes, market sources said.
But most re-rollers in the region agreed that lower prices were no longer possible due to the mounting costs of production – notably, higher prices for imports of slab, the feedstock for plate production.
“Considering slab prices of $500-520 [per tonne] CIF, €650 per tonne ex-works for heavy plate is not a luxury, but necessary to break even,” a mill source told Fastmarkets.
As a result, Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe, was unchanged on Wednesday at €640-650 per tonne.
The latest weekly price assessment for steel slab, import, cif Italy, increased to $490-530 per tonne on February 28, from $480-520 per tonne on February 21.
Revised European safeguard measures were expected to come into force in April, with tougher measures widely expected, and this was tempering buying interest in overseas material, market sources said.
Nonetheless, bookings of May-shipment heavy plate from Indonesia to Spain and Italy were reported in late February at €570-580 per tonne CFR.
Northern Europe
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe, was €690-700 per tonne on Wednesday, narrowing upward by €10 per tonne from €680-700 per tonne seven days before.
In Northern Europe, trading activity in the spot market remained limited, market sources said. Stockholders had sufficient material in stock and were not under pressure, Fastmarkets understands.
One German mill, traditionally focused on project business, was offering heavy plate with lead times of around six weeks at €750-790 per tonne ex-works.
Another German supplier was offering plate at €700-730 per tonne from one location and €680-700 per tonne from another.
Estimates of tradeable values from buyers were reported at €680-700 per tonne ex-works, with most indications coming in at €690-700 per tonne ex-works.
A re-roller in the Czech Republic was offering S275-grade plate at €670 per tonne ex-works, but mainly to locations in Central Europe. Achievable prices for such material were reported at €650-660 per tonne ex-works. The mill was well-booked and was already offering for delivery in May.
European heavy plate prices steady, supported by uptick in buying
Italy
Trading in the Italian market started to pick up over the past week, in contrast to the low levels seen through January.
“Buyers are booking March-rolling plate and order books are slowly filling up,” a supplier told Fastmarkets.
And a second supplier said: “Everyone is finally [accepting] that there is no point postponing [plate] bookings – prices are not going to drop.”
Offers for s275 heavy plate were reported by buyers and sellers at €660-670 ($690-701) per tonne ex-works.
Sources put the tradable leval at around €640-650 per tonne ex-works on Wednesday.
Buyers were less optimistic, and said that while activity has improved compared with “complete nil” in January, overall demand is not booming.
“Mills have great expectations about safeguards updates [to the safeguard measures review and potential quota cuts] and therefore expect lower import availability in the second quarter,” one buyer source said.
Bids from stockholders for tonnages above 1,500 tonnes came in at €630-640 per tonne ex-works, sources said.
And Fastmarkets’ weekly price assessment for steel domestic plate 8-40mm, exw Southern Europe remained unchanged at €640-650 per tonne on Wednesday.
A review of European safeguard measures is expected to come into force in April, with tougher measures widely expected, which was tempering buying interest in overseas material, sources said.
Offers of April shipment plate to Italy from South Korea and Indonesia were heard at €580-590 per tonne CFR in the week to Wednesday.
Northern Europe
In Northern Europe, meanwhile, trading in the spot market also started to pick up slightly, although the overall traded volumes remained low, sources said.
“There has been some limited restocking and we have seen more activity [than in] January,” a mill source said.
One German producer, which traditionally focuses on project business, was offering heavy steel plate with lead times of around six weeks at €750-790 per tonne ex-works. But this level was not considered workable for the spot market.
A second German supplier kept its offer price for steel plate at €690-730 per tonne from one location on Wednesday, and at €680-700 from another – both unchanged week on week.
Buyer estimates of the workable level came in at €680-700 per tonne ex-works in the week to Wednesday.
Fastmarkets’ weekly price assessment for steel domestic plate 8-40 mm, exw Northern Europe was unchanged at €680-700 per tonne on Wednesday.
Italian plate market stagnates
Italian heavy plate prices are currently stagnating, due to weak demand and a sluggish beginning to the year, sources tell Kallanish.
Transactions are occurring for smaller volumes, while larger clients have yet to resume their buying activities. Both the mill and distributors agree that activity is lacklustre in January.
A mill source suggests that when evaluating 2024, there was a notable slowdown in the second half. However, the results for the full year remain satisfactory as the company has not incurred any losses.
Currently, contracts for the Italian domestic market show a level of stability when compared to the end of the previous month. S275 grade transactions are currently taking place within the range of €630-640/t ex-works, with S355 trading at a premium of €20/t above that range.
Mills are attempting to uphold the price point of €650/t ex-works for S275.Booking prices for Asian-origin slab are approximately $530-540/t cfr.
The primary challenge for domestic plate producers remains the availability of Asian material at competitive prices. Monthly imports of plates from Asia into Europe have remained stable at approximately 180,000t/month last year.
A mill source indicates that domestic demand is being met by Asian producers who have established an efficient distribution network in Europe, facilitating the sale of vessels containing both small and large orders of material.
Asian producers have effectively shifted the quotas they lost on coils to plates, subsequently boosting their plate exports to Europe at competitive pricing, according to the source.
“We are unable to compete with their low pricing structure. Our processing costs are at a minimum three times greater than those of Asian steelmakers” he states and anticipates that developments will occur this year, as the European Union is expected to announce a safeguard review by the conclusion of the first quarter.
Natalia Capra France
Italian steel plate prices slightly firmer, but demand limited
But the Italian market was still quiet and trading limited.
Italian plate producers were maintaining their offer prices for new rolling at €650 ($667) per tonne ex-works and even higher in some cases.
Buyers, meanwhile, estimated the tradable level at €630-640 per tonne ex-works.
Very few transactions were reported within that range during the assessment week to Wednesday.
One supplier claimed to have sold a minor tonnage at €650 per tonne ex-works, but a producer source told Fastmarkets that sales below €640-650 were not possible due to costs.
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40 mm, exw Southern Europe was €630-650 per tonne on Wednesday, widening up from €630-640 per tonne seven days earlier.
Some suppliers said that a second round of increases, to around €670-680 per tonne ex-works, would be needed because of the current high costs of production – including the cost of steel slab and electricity.
However, buyers were skeptical about any potential price rise.
“There is not enough demand to support [a price rise]. Even €650 [per tonne ex-works] is still hard to get,” a buyer source said.
The Italian market for imported steel plate was also quiet, Fastmarkets understands.
“Import prices are too high. Plus safeguards are currently under review, so there’s a potential risk of stricter measures as of April,” a second buyer said.
“The European market is at a standstill and shipments from Asia are [only likely to] start in end February-early March at the earliest, means arrival in April-May, which would be too risky,” the buyer added.
Steel plate from South Korea and Indonesia, meanwhile, was on offer to Italy at €570-580 per tonne CFR in the week to Wednesday, sources said.
Italian plate producers push up prices
Italian heavy plate prices are on the rise, driven by a resurgence in domestic demand and producers’ price hike attempts in order to restore margins, Kallanish notes.
The market is showing signs of increased activity, as reported by mills; however, distributor sources indicate that weak activity persists downstream. Given the current environment of tight margins and insufficient profitability, there is a request for a €30/tonne ($31.7) increase for deliveries scheduled in December. One mill has plans to raise prices further for deliveries scheduled in January and February.
Producers are indicating a lead time of approximately two weeks. It appears large customers have not resumed their purchasing activities, having acquired substantial quantities from the import market in recent weeks. Distributors are still purchasing limited quantities from producers’ inventories.
One producer is reported to be maintaining a diverse inventory of various grades and measures, which is especially beneficial in a market characterised by buyers who favour frequent purchases of smaller quantities.
Producers are now quoting domestic S275 grade plate at €650/t ex-works and S355 at €680-690/t. Current contracts for S275 grade are priced between €620-630/t, whereas S355 is at €20/t higher. The present booking prices for Asian slab remain stable month-on-month, hovering at around $520-530/t cfr.
A source from a mill indicates that a substantial volume of plate imports is consistently entering Europe, with figures slightly below 200,000 tonnes/month. October and November demonstrated adequate performance in sales, albeit typically characterised by short lead times and limited quantities.
Natalia Capra France
Italian plate prices decline in stagnating market
Italian heavy plate prices are experiencing a downward trend, attributed to reduced domestic demand and competitive, low-cost import offers, Kallanish notes.
The market is quiet, according to mill and distributor sources. Order intake is persistently low. A mill source reports that sales in September and October registered a slight improvement compared to previous months; however, tight margins and inadequate profit continue to pose significant challenges.
Producers are quoting a lead time of about two weeks. Large customers continue to purchase in limited quantities. A small distributor claims he is buying also in small quantities, primarily from producers’ stocks.
According to one source, the EU imported approximately 180,000 tonnes of plate in October. This level has been the monthly average for the past six months. Local demand continues to be met by low-cost imports from Southeast Asia. However, buyers are reporting that Asian suppliers are now raising prices, meaning values of imported and local material are largely the same.
At present, domestic S275 grade plate is priced in the range of €590-610/tonne ($620-641), while S355 is at €620/t ex-works. Producers are asking for €650/t for 355 grade.
Current booking prices for Asian slab are flat on-month at around $520-530/t cfr Italy.
Natalia Capra France
