Northwest European HRC mills hike offers
Northwest European steelmakers are hiking their hot-rolled coil (HRC) offers in response to strengthening Italian prices, and to use as leverage in fraught contractual negotiations.
Some mills in the north have announced rises of €30-40/t, taking their offers to around €440-450/t ex-works for January production. The rapid escalation in Italian pricing, on the back of the likely idling of Ilva in Italy, has seen the discount for southern material squeezed dramatically compared with the north.
There are still some "ugly" deals available for fairly prompt loading and December arrival, with a couple of northwest European mills eager to fill rolling programmes before the Christmas break.
But buyers say these are reducing in volume, and mills are hardening their stance headed into the first quarter. At least one mill has withdrawn from the market to a large extent, to support its new asking price.
The mill in question tried the same tactic at a similar time last year, but falling import offers from Turkey undermined its position somewhat. This time around, rising import offers — again on the back of the Ilva situation — are helping mills' cases in pushing for an increase.
source: Argus Media
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