European Commission's anti-dumping decision on hot rolled coil!
The European Commission completed its examination of the anti-dumping duties on imports of hot rolled coil from Brazil, Iran and Russia this week. Accordingly, it reported that the duties will remain in effect.
The duties, which were introduced in 2017, differ between €17.6-96.5/ton depending on the country and mill of origin.
For example, Severstal in Russia is subject to the lowest tariffs, while MMK is charged the highest.
ArcelorMittal keeps raising HRC offers in Europe
ArcelorMittal ended the year on a positive note with another increase in HRC offer prices for European buyers.
The new HRC offer prices for February-March production were set at EUR 750/t delivered base for Germany and EUR 740/t delivered base for Italy. (visit:https://www.steelradar.com/en/haber/arcelormittal-continues-to-upgrade-hrc-offerings-in-europe/)
European Union wants to stop imports of pig iron and HBI from Russia
Pig iron shipments from Russia to EU countries are expected to stop completely at the beginning of 2026. A quota of 1.14 million tons was set for the next two years until December 31, 2024 and 700 thousand tons for 2025. For HBI, these amounts were determined as 1.14 million tons and 651,906 thousand tons, respectively.
The European Commission also banned the import of Russian ferroalloys. However, contracts signed before December 19, 2023 will be enforceable until December 20, 2024. The import of Russian billets to EU countries is expected to be stopped as of April 1, 2024.
Benelux
Benelux scrap export prices have slightly decreased this week following the negative sentiment in the Turkish scrap import market. Local prices are yet to follow suit.
SteelRadar's daily price assessment for HMS 1&2 (80:20) was $386/t FOB Rotterdam.
Germany
Germany's steel production continued to follow a downward trend in November.
According to the data, Germany's crude steel production decreased by 2.4% on an annual basis to 2.7 million tons in November. Germany's crude steel production is expected to fall by 4% yoy to 35.5 million metric tons in 2023, the lowest level since 2009.
Domestic hot rolled coil, which is mainly produced through blast furnaces, was assessed at EUR 685/mt EXW Ruhr on December 18, down EUR 5/mt intraday after some positive price movement in the fourth quarter.
Rebar was assessed at EUR 620/mt EXW Northwest Europe and remained unchanged on a weekly basis.
In early October, the World Steel Association cut its steel demand growth forecast for 2023 by 0.5 percentage points to 1.8%, citing a worsening global economic outlook, but raised its forecast for 2024 by 0.2 percentage points to 1.9%.
Plate prices in Germany have risen despite the pre-holiday recession. In Germany, offer prices for S235JR grade plate have been unchanged for two weeks at EUR 850-900/t EXW, February-March delivery. Meanwhile, workable prices are at EUR810-830/t EXW, compared to EUR800-820/t EXW two weeks ago.
Poland
Rebar prices in Poland have increased due to high production costs. The Polish rebar segment is trading weak and the price increase is supported by the costly production process and the upward trend prevalent in the European steel market. SteelRadar's price assessment for 12-32 rebar this week is set at EUR 630.
For wire rod, offers from Polish mills continued to be in the range of PLN 3,100-3,300 per tonne, but the market did not seem to accept these levels. Wire rod offers from other European producers were also reported at EUR 640 per ton CPT.
Spain
Rebar prices, which have been stable in Spain for the past 2 weeks, are expected to increase by 15 EUR/t (EXW) this week to end the current week at 595 EUR/t. Prices for cold rolled and hot rolled coil have also been stable compared to the past weeks, with SteelRadar's last recorded high increase of +110 EUR/t for cold rolled coil (EN10130 grade) to 790 EUR/t (EXW) in the first week of December.
For hot rolled coil, it was unchanged at +20 EUR/t to 695 EUR/t (EXW) in the first week of this month.
Italy
Italian scrap prices increased in December contracts, following the upward trend observed in the international market throughout the month. Scrap prices increased by EUR 20-40/t during the month depending on quality. In December contracts, E3 was traded at EUR 340-365/t delivered, E8 at EUR 365-380/t delivered and E40 at EUR 360-400/t delivered. The significant price increase in the Italian scrap market this month is attributed to low scrap supplies and a steady uptrend across the world.
Activity in the Italian and German plate markets has been slow this week due to the upcoming Christmas holidays. The winter recession is contributing to stability. In Italy, prices of machinable plate (S275JR grade, 12-40 mm thickness) were up €10/t to €730-760/t EXW this week, depending on volumes and suppliers. Italian producers are expecting increases of EUR20-30/t after the holidays.
Rebar is edging slightly higher again in Italy, but buying has slowed down. Italian producers continue to push for higher prices, but the market refuses to accept increases. Nevertheless, some small gains were seen in deals. The prevailing prices for Italian rebar for immediate delivery were set at EUR 370-380/t EXW, basis (EUR 635-645/t EXW for 12 mm, B450C grade) this week, compared to EUR 350-380/t EXW, basis (EUR 615-645/t EXW for 12 mm, B450C grade) a week ago.
On the other hand, wire rod producers have increased their offer prices to cover rising production costs. The impending Christmas holidays are making it difficult to implement price hike initiatives due to insufficient demand.
Wire rod prices continued to increase in mid-December. Two weeks ago, offers for drawing grade wire rod were quoted at EUR 630-650/t DAP, while this week they were quoted at EUR 650-670/t DAP, depending on the supplier and delivery lot size. Wire rod prices for wire rod in wire mesh grade were priced at EUR 630/t DAP.
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