European flats producers continue to need imported slabs since supply from Ukraine is absent and the presence of Russian mills is limited. Asian suppliers are still the sources of slabs for the region, although some ex-Brazil cargoes have also been negotiated.
According to sources, the latest bookings of ex-Brazil slab to the Netherlands and Denmark were closed at $750/mt CFR for around 40,000 mt. A similar level was achieved earlier in an ex-India booking to Italy, for 30,000 mt. However, following the continuing weakening of hot-rolled coil (HRC) prices in Europe, import slab offers have also decreased. The most recent indication from India for August shipment has been reported at $700/mt CFR southern Europe, while an ex-China offer has been set at $740/mt CFR, SteelOrbis has learned.
As for Turkey, the EU’s second main source for import slab, demand for the semi-finished product has been limited due to aggressive Russian indications. Some buyers reported $500-520/mt CFR are workable in this case, while ex-India slab prices were at around $680-690/mt CFR last week. In the meantime, HRC prices in Turkey are set to rebound due to stronger scrap prices.
