Posted on 25 Apr 2019
South European traders and buyers returned after the Easter break to find lower import offers of HRC from Turkey available in the market, Kallanish learns from sources.
As European domestic coil prices continue to be under pressure, Turkish mills have started sending out offers at as low as $495/tonne fob since the end of last week. Depending on shipping costs, traders are reporting these to be equivalent to €465/t ($521/t) cfr in Italy and €470-475/t cfr in Spain and Portugal.
A source in Italy confirms having ordered some volumes for June shipping at the level of €465/t cfr, a price more or less in line with the ones available from domestic mills. The decision to take such a position could well indicate that there is an expectation that European prices will recover somewhat toward the end of the second quarter.
Meanwhile in Spain and Portugal orders for imported HRC have not been confirmed, but all sources agree that the offers are becoming competitive.
At an average of €470/t cfr Southern Europe, HRC import prices are approaching the level witnessed at the end of December last year, €30/t below the peak for 2019 so far reached in March.
