UNITED KINGDOM August 05 2015 12:35 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices edged up by €1 a ton week-on-week to €388 per ton in the week ended July 17, as per the latest figures released by The Steel Index.
According to TSI, 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.
However, South European HRC index trended lower the week to finish at €364 a ton ex-works, a level last recorded in July 2009.
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.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)