[Steel Price] Southern European HRC Steel prices decline to €364 per ton

UNITED KINGDOM July 30 2015 4:35 PM

LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices dropped by €8 per ton week-on-week to €364 per ton ex-works in the week ended July 17, as per the latest figures from the Steel Index.

According to TSI, South European HRC index trended lower the week to finish at €364 a ton ex-works, a level last recorded in July 2009. 

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Faced with slowing demand, Italian producers slashed their asking prices and HRC was heard offered by some producers as low as €355 a ton ex-works, although the top end of the range remained near €370 a ton. 

Aggressive import offers from China, down this week to €330 a ton CIF Italy, continue to suppress domestic prices, and some market participants anticipate further price declines. 

TSI’s North European HRC index remained relatively stable, as large volume deals were still reported to be done close to the €390 a ton mark. 

Meanwhile, 3kt of North European HRC swaps (basis TSI) for H1 2016 were cleared this week on LCH.Clearnet.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)