UNITED KINGDOM February 05 2015 5:43 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices slipped by €1 per ton week-on-week to €406 per ton in the week ended January 23, as per the latest figures released by The Steel Index.
North European HRC prices were almost steady, as €5-10 a ton increases have yet to translate into higher priced deals.
Meanwhile, Q2/Q3-15 North European HRC swaps cleared on LCH.Clearnet – priced at €400a ton, and Jan-15 swaps also cleared the week, both basis TSI.
However, the benchmark daily prices for HR coil in Southern Europe ebbed and flowed in the week ended January 23 as trades were concluded across a range of price levels before it finished the week at €394 a ton.
Italian producers increased their asking prices closer to €400 a ton (ex-works), reportedly aiming to recover €10-15 a ton compared to the December-end price level.
At the same time, some bigger-volume deals were still closing below the €390 a ton mark. Ilva is temporarily absent from the HRC market, having suspended some operations due to a lack of raw materials.