Europe’s plate makers have largely failed to achieve first quarter price increases, although some report a certain hardening of values in their January deals. Value for the S235 commodity grade was generally pegged around €500-510/tonne in southern Europe, and around €515/t base price ex-works in the North.

The lower prices in the South have been supported by cheaper import prices for the Italian re-rollers, as their Russian and Ukrainian suppliers have been able to effectively lower slab prices because of the leeway created by the weaker rouble and hryvnia, Kallanish hears.

If a mill is prepared to be more flexible at the lower end of this price range, then its order intake won’t be looking too bad at the moment, a source adds. Otherwise, traders report a sluggish market, with limited restocking. Buyers are holding back, because direction is still unclear, adds one.

As a consequence, some buyer sources in Germany peg S235 in the €500-510/t range, arguing that for them, prices have softened by around €5/t. By contrast, a German producer stresses that his Q1 deals are significantly stronger.