Italian steel mills have been at the vanguard of price hike catalyzed by
1. Stock replenishment
2. Weakening Euro v/s USD
3. Sentiments related to hike in input prices
However the buyers are reluctant to yield ground opting for circumspection and expectant of suppliers ultimately bulking under slow demand. But for the time being mills are having an upper hand in this tug of war as they are able to push through price hike WoW.
Prominent Italian steel mill has increased offers by another EUR 20 per tonne to EUR 25 per tonne for CRC and HDG during the last fortnight. The hallow is so prominent that mills are choosy about entertaining enquiries. There are indications that with the December orders books exhausted mills are vying for another round of price hike for January booking.
Plate market has caught up in the rage with an appreciation of EUR 40 per tonne since mid November. Thicker plates which was being offered at
EUR 560 per tonne to EUR 570 per tonne EXW, has been revised by EUR 20 per tonne MoM. The future looks rosy with most of the mills having exhausted January booking. The new offers are prevalent at Euro 600 per tonne to EUR 620 per tonne EXW.
Import offers have seen high pitched activity with offers touching EUR 510 per tonne CNF from Russian mills and EUR 485 per tonne to EUR 490 CNF from Ukraine.