Local prices for sheet metal products in Italy and Northern Europe continue to decline ahead of the summer holidays
The markets for thick-rolled products in both Italy and Northern Europe experienced further downward pressure in the week to Friday, July 10, due to increased competition among distributors in Italy ahead of the August holidays, Fastmarkets sources said on Thursday. Southern Europe
The Italian sheet metal market remained under pressure during the week due to increased competition among distributors for August shipments, the manufacturer said.
Transactions were reported in the range of 710-735 euros (831-860 USD) per ton from the plant, which is 10 euros lower than in July, when the price was 720-745 euros per ton from plant 2.
The proposals were announced at a price of 720-740 euros per ton from the factory, compared with 740-750 euros per ton a week earlier. On Thursday, it was reported about the bids of buyers at the level of about 700 euros per ton from the plant.
"There is a struggle among resellers for the August tonnage. The buyers are aware of this and are offering a base price of about 700 euros[per ton]on exw terms. We understand that the minimum prices of 710 euros[per ton]on exw terms have already been confirmed by intermediaries. The key factor today is the reduction in prices for slabs, as well as the need to replenish the order portfolio," said the manufacturer.
The supply of steel slabs to Italy decreased during the week amid increased competition among suppliers. The sources also cited a reduction in EU steel import quotas for finished products, including rolled steel, as a potential factor influencing sentiment.
Fastmarkets' weekly price estimate for steel slabs imported from Italy as of July 9 was $570-590 per ton, which is $10 lower than $580-600 per ton a week earlier.
Meanwhile, a source in the retail chain said that quarto distributors in Southern Europe are going through "even more difficult times, as demand for them has decreased, and shareholders and end users are purchasing only the missing sizes or grades."
Fastmarkets' weekly price estimate for domestic 8-40 mm thick rolled steel exported to Southern Europe was 710-735 euros per tonne on Thursday, down 10 euros per tonne from 720-745 euros per tonne a week earlier.
Offers for plate imports in Southern Europe were reported in the range of 700-720 euros per ton CFR during the week, including costs under carbon Border Adjustment Mechanism (CBAM) regulations, the same trade source said, adding that there is currently no demand for imported material.
As a result, Fastmarkets' weekly price estimate for steel sheet (8-40 mm) imported from CFR's main port in Southern Europe was 720-750 euros per ton on Thursday, unchanged over the week.
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