Domestic flat steel prices in Italy have increased in the past three weeks. Currently, Italian producers' domestic hot rolled coil (HRC) base prices are at €535-540/mt ($621-626/mt) ex-works, while cold rolled coil (CRC) and hot dip galvanized (HDG) prices have both reached around €610-620/mt ($708-719/mt) ex-works.
According to market sources, price increases have been supported by the vote of the European Union on July 5 in favor of provisional measures against steel imports within the scope of the safeguard investigation launched in response to the Section 232 tariffs in the US. The measures in question are expected to come into effect next week, while the quota will be based on import volumes over recent years and a 25 percent tariff will apply for the volumes exceeding that amount.
Other than by the lack of import orders, domestic flat steel prices in Italy are supported by the fairly full order books of local producers, which are now offering material for deliveries in September.
Looking at the rest of Europe, in the past week ArcelorMittal has announced a new price increase of €20-30/mt for its northern European customers, with its offers at HRC at €580/mt ($673/mt) ex-works.
€1 = $1.16