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Italian flat steel prices rise on supply shortage

According to Kailan International Steel Information on June 18, due to the strikes in some steel mills in recent weeks, European steel manufacturers have accumulated a large number of unplaced orders. On the basis of weak downstream demand, supply has become even weaker, leading to an increase in the transaction price of Italian plates. The current ex-factory price of steel for delivery in September in the country is 2,900 euros/ton to 2,950 euros/ton (about 3,112.86 US dollars/ton to 3,167.12 US dollars/ton). Due to oversupply and continued sluggish demand for steel pipes, steel processors are trying to raise prices by about 100 euros/ton (about 107.35 US dollars/ton).

European steel mills are experiencing delivery delays. Affected by problems such as piracy, ships transporting steel need to avoid the Red Sea and choose longer routes to arrive in southern Europe, resulting in delayed arrival of imported cold-rolled coils and hot-rolled coils. A large coil buyer told foreign media that the current steel supply chain in Europe is quite complicated. If the plates are shipped from Asia in June, they are likely to be delivered in August.
While prices at steel mills are rising, the pace of increase in distribution prices is slowing. In the first quarter, financial losses were recorded across the entire value chain in Italy, with some service centers and steel processors negatively affected. According to a market report from the Italian Steel Trade Association (Assofermet), the Italian market appears to be tense. This is due to a shortage of supply amid stable user demand. Reasons for the shortfall include ongoing strikes, delayed deliveries by producers in other regions, and limited imports. The report noted that steel inventories in Italy are “below average” and that scrap prices in the country will continue to rise due to limited supply.

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