Italian stainless steel producer Acciai Speciali Terni (AST) is attempting to unilaterally and retroactively apply price increases to already-concluded supply contracts agreed with distribution companies, market sources told Fastmarkets on Thursday January 28.
A distributor in Denmark that buys from AST, among other stainless steel producers, said AST had made it aware of its intention to apply a "scrap extra" of ?,?214 ($259) per tonne on all flat products for February delivery, the contracts for which were agreed in the fourth quarter of 2020. It is understood this scrap extra applies to all AST customers. According to a statement released by Italian metal distributors association Assofermet on Wednesday January 27, the "unusual contractual behaviors" have been motivated by raw...