Market sources state that an Italian flat steel producer has announced that it plans to temporarily lay off 6,500 of its current employees, with the layoffs taking effect as of March 3 and lasting for 24 months. On the other hand, Italian banks have announced that they will cancel credit lines if the government does not guarantee repayments of the producer's debts, thereby causing concerns for buyers in the Italian market. Accordingly, buyers have accelerated purchases of low priced import hot rolled coil (
HRC) and cold rolled coil (CRC) from suppliers in Europe and foreign markets.
According to market sources, a Chinese offer for
HRC to
Italy is currently at €390/mt ($452/mt) CIF, for shipment in February.
On the other hand, a Taiwanese offer for hot rolled pickled and oiled coil is now at $465/mt CIF, also for shipment in February.
€1 = $1.16