Export slab prices from the Commonwealth of Independent States (CIS) strengthened as of mid-June after sellers believed in the potential to sell material at higher prices in some markets, sources told Fastmarkets.
While earlier in June some buyers and sellers had said the workable price was within $900-910 per tonne fob Black Sea, by the middle of the month market expectations have moved up to $920 per tonne fob Black Sea and above.
“Latin America can accept $920 per tonne fob for imported slab and I believe the European market can too,” a Russian slab producer said.
The material from Russian and Ukrainian mills was heard available to customers at $930-935 per tonne fob Black Sea, Fastmarkets heard.
Thus Fastmarkets’ weekly price assessment for steel slab, export, fob Black Sea, CIS was $920-930 per tonne on Monday June 14, up from $900-930 per tonne fob a week earlier.
After the assessment was filed, a source on the buyers’ side from Italy said that even though there were no negotiations going at the moment, customers in the country could accept the offer prices and even slightly above.
The ongoing growth in steel plate prices is one of the main factors supporting higher steel slab prices from the CIS region.
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe was €۱,۰۳۰-۱,۰۵۰ per tonne on June 9, compared with €۱,۰۰۰-۱,۰۵۰ per tonne on June 2.
Prices for European heavy steel plate moved up over the week to Wednesday June 9 on support from strong demand, sources said.
In Turkey, one of the traditional main outlets for CIS slab, market demand for imported material was low, Fastmarkets heard.
Market Chatter ***
“Turkey has enough slab because they are maximizing their own production. But it could also be that they’re just waiting for the right moment to buy,” a Russian mill source said.
The same source said that their company was not offering any slab in the Black Sea market because they had already sold out their July allocation.
The mill was, however, offering material from the Far East ports of Russia to customers in Asia at $930 per tonne cfr, with one cargo reported sold to Indonesia at $920 per tonne cfr over the week to Monday June 14, sources said.
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