ITALY April 25 2014 1:51 PM

ROME (Scrap Register): Southern Europe hot rolled cold (HRC) steel prices declined by €7 a ton or 1.7% week-on-week to €403 per ton in the week ended April 11th this year, as per the latest figures released by the The Steel Index.

South European purchasers continued to test where the price floor might be, as HR coil transaction prices were seen consolidating near €400 a ton; TSI’s index fell to a 39-month low of €403 a ton.

After recent stability in the North European coil market, it was reported that Arcelor Mittal is planning to increase coil prices for June shipments by €20 a ton. Results of the hike are yet to be seen, with most buyers having completed restocking for Q2 already.

North European HR coil Q2 swap (basis TSI) traded earlier this week at just below €440 a ton according to a London-based broker.