UNITED KINGDOM February 04 2016 3:35 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices edged up by €1 week-on-week to €324 per ton in the week ended January 29, as per the latest figures released by The Steel Index.
Activity in the European steel market remained slow, as buyers booked large orders at the bottom of the market last year, and now return to the spot market only to top up their inventories.
Although stock levels are currently relatively low, some steel users are waiting for an arrival of their import bookings made 3-4 months ago.
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HR coil transactions in the North European market were mainly done in the €320-325/tonne range, similar to the last week.
Orders were still made for March delivery, while quotations for the second quarter should become available in the next few weeks.
However, South European HRC index lost €4 a ton from last Friday to close at €286 a ton, as mills seemed to be ready to offer discounts to attract orders in a quiet market.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)