Italian coils demand stagnates

Italian cold rolled and hot-dipped galvanised coil sales continue to be particularly slow with customers buying very little material and expecting prices to continue to decline this week, in line with international coil prices.

While demand for HDG is reported slightly livelier over the past days with some domestic sales for low tonnages, CRC demand is said to be flat with values that have gone below the level of €1,300/tonne base ex-works ($1,368/t). With hot rolled coil contracts going below the level of €1,200/t base ex-works in Italy, reaching €1,140-1,180/tonne base ex-works, CRC is being transacted at €1,250-1,300/t base ex-works, but demand is so weak that some sources believe the high point of the range will not be a workable price this week. HDG is still hovering at €1,300/t base ex-works, sources suggest. Some import offers for Asian CRC are reported at about €1,100/t cfr, but the appetite for imported material in Italy is also low, Kallanish hears.

Some sources believe that service centres in Italy will resume buying when HRC goes down to the level of €1,000/t. Others say that service centres will have to resume buying in May after a long destocking process.

HDG and CRC producers are currently offering material for Q3 delivery.

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