UNITED KINGDOM May 19 2015 3:36 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices advanced by €1 a ton week-on-week to €399 per ton in the week ended May 08, as per the latest figures released by The Steel Index.
North European benchmark index stayed just below the €400 a ton mark, with transactions recorded in the €395-405 a ton range.
According to TSI, with the Labour Day holiday at the end of last week in Europe, markets were slow to return, with activity in the region subdued.
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While HRC asking prices in South Europe were close to €395-400 a ton, deals were heard concluded approximately €10 a ton lower.
A seller commented that both purchasing activity and volumes sold are low as distributors remain well stocked for the remainder of H1 2015.
Meanwhile, a North European HRC swaps contract for May 2015 was cleared this week on LCH.Clearnet (basis TSI).
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)