Billet spot premiums deteriorate further across the board; various suppliers seen long on billet. Signed Q3 premium contracts below Q2.
May 3, 2019
EUROPEAN BILLET ALERT.
European spot billet premiums decline further with several confirmed spot transactions recently taking place at $370 and $380 per mton in Southern Europe. A Tier 1 European supplier still holds some inventories it had accumulated in recent months that it has been unable to sell in their entirety. Similarly, an important Tier 2 supplier seems to also be long, with plenty of available billet units capable of delivering them short term (within a week or two) without any major issues. Meanwhile, Q3 contract have been signed lower than Q2 deals.
More details in full report.