HRC in South Europe and specifically in Italy have crashed to the level of EUR 450 per tonne to EUR 460 per tonne CFR FO.
It is learnt that Marcegaglia would have booked 20,000 tonnes of HRC from North America at a price lower than EUR 440 per tonne CFR FO.
Domestic prices in Italy are slightly higher around EUR 460 per tonne to EUR 470 per tonne parity but comparatively better than those offered from import which is indicative of the Marcegaglia booking.
HRP prices have taken a deep plunge with last bookings from import made at levels lower than EUR 500 per tonne CFR FO of Ukrainian origin. Aggressive import levels have pressurized domestic producers to reduce prices by EUR 30 per tonne to EUR 50 per tonne.
Demand remains fragile which, combined with the increased production in 2nd half of the year, is putting strong pressure on the buyers that are extremely puzzled about future development.