Trading activity in the CIS steel slab market was muted in the week to Monday October 12 amid modest demand for finished flat steel products in most of consumer markets and because of falling scrap costs.
*** CIS steel slab
The weekly price assessment for CIS steel slab , export, fob Black Sea, was $445-455 per tonne on Monday, down from $445-460 per tonne a week ago.
Recent indications of bids from customers in Turkey and Italy were heard no higher than $460 per tonne cfr ($440-445 per tonne fob Black Sea). Market participants said inquiries have been limited by a lack of demand for downstream finished flat steel products there.
***Turkey HRC
Fastmarkets’ weekly price assessment for steel HRC, export, fob main port Turkey was down $15-20 from last week at $510-520 per tonne on Friday from $530-535 per tonne previously.
Demand for Turkish coil was weaker last week because buyers wanted to wait to see new prices from China after market participants there return to the market on October 9 following the national Golden Week holiday.
*** CIS steel slab , plate
Meanwhile, Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe was €۴۸۰-۴۹۵ ($۵۶۴-۵۸۲) per tonne on Wednesday October 7, widening upward by €۵ per tonne from €۴۸۰-۴۹۰ per tonne a week earlier.
Limited demand was preventing European plate producers from achieving substantial increases in transaction prices, sources said last week.
But the CIS slab market became more optimistic at the end of last week after China market participants returned, prompting an immediate increase in domestic and export hot-rolled coil prices. Chinese prices rose due to active restocking and worries around production curbs announced in some cities in northern China.
***HRC in Eastern China
Fastmarkets daily assessment for steel HRC domestic, ex-whs Eastern China was 3,880-3,900 yuan (577-580) per tonne on Friday October 9, up by 70 yuan per tonne from September 30.
By the end of the week, offers for Ukraine-origin slab were heard in Turkey and Italy at $470-475 per tonne cfr, which corresponds to $455-460 per tonne fob Black Sea and $450-455 per tonne fob respectively.
In Asia, material from the same supplier was available at $485 per tonne cfr ($445 per tonne fob Black Sea).
A source on the traders’ side voiced expectations that the uptrend in China will spur Asian customers to accept $475 per tonne cfr for import slab soon (the recent assessment of workable price stands at $460-465 cfr), while Turkish customers might accept $470-475 per tonne cfr.
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