An uptrend in the CIS STEEL SLAB sector, both in some customers’ markets and in the CIS region itself, has resulted in higher merchant slab prices from CIS mills, Fastmarkets learned on Monday November 9.
*** Turkish mills
Last week, Turkish mills were heard offering hot-rolled coil to foreign customers at $550-560 per tonne fob, up from $520-530 per tonne fob in late October. Turkish sources noted that demand in the country’s steel export markets was strong because of low inventory levels.
In Asia, finished flat steel prices also gained momentum, particularly in China. A mill in the north of the country offered SS400-grade HRC at $575 per tonne fob this week, up by $30 per tonne from $545 per tonne fob last week.
This followed a slump in the US dollar, with the exchange rate being 6.594 yuan to $1 on Monday, compared with 6.698 yuan to $1 one week earlier, according to Oanda.com.
Offer prices for CIS-origin HRC jumped by $20 per tonne over the week, reaching $515-525 per tonne fob on Monday, Fastmarkets learned.
In response, slab prices from the CIS region surged as well.
*** CIS STEEL SLAB , price assessment for steel slab
Fastmarkets’ weekly price assessment for steel slab, export, fob Black Sea, CIS, was $455-460 per tonne on November 9, up from $435-440 per tonne fob a week earlier.
In the middle of last week, offers of CIS-origin slab were heard in Turkey at $470 per tonne cfr, sources told Fastmarkets. This was equivalent to $455 per tonne fob Black Sea. By the end of the week, market participants reported even higher offers, rising to $475 per tonne cfr ($460 per tonne fob Black Sea).
According to several sources, a large cargo of Ukraine-origin slab was booked over the past week in the range of $455-460 per tonne fob. But a source on the producer’s side did not confirm the sale at the time of publication.
In Italy, no fresh bookings of CIS-origin material were heard over the past week, with domestic plate prices in the country dropping due to poor demand.
Offers and “workable” prices for plate fell to €۴۴۵-۴۵۵ ($۵۲۸-۵۴۰) per tonne last week from €۴۵۰-۴۶۵ per tonne ex-works a week earlier.
*** CIS STEEL SLAB , Russian slab
In Asia, recent offers of Russian slab to be shipped from the country’s Far East ports were heard at $485-490 per tonne cfr. Market participants said that there were negotiations to sell a cargo within that range to China.
The most recent previous deal was done around $470 per tonne cfr last week, Fastmarkets learned.
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