September 2011 | Coated Steels
Mill attempts to push through gains largely unsuccessful to date: European Market Highlights
Depressing news on the currency and financial sector in the Eurozone have dampened expectations of an improvement in fourth quarter coated steel prices.
While Marcegaglia announced a €20-30/tonne increase in base prices for galvanized products this month, it has continued to accept orders at previous prices and has, in our opinion, been unable to widely enforce the hike. This would take base prices to €600/tonne ex-works as opposed to €570/tonne. MBR understands that it is still offering to other EU export markets at €580/tonne base. This means that Z140mm 1mm is around €640/tonne in Italy and around $660/tonne in Spain – in line with last month. While this is now below import prices thanks to the currency weakness in the last few weeks (see below), it is struggling to push through the increase because of excess supply.
Italian over-supply
The...
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