UNITED KINGDOM August 10 2015 3:19 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices dropped sharply by €8 a ton week-on-week to €380 per ton in the week ended July 24, as per the latest figures released by The Steel Index.
According to TSI, weakening demand in Northern Europe put pressure on mills’ asking prices and HRC prices trended slightly lower. The majority of trades were reported to be concluded between €375-390 a ton and TSI’s benchmark index closed at €380 a ton.
Import prices into Europe remained significantly lower, as Chinese material was heard offered near €330 a ton CIF basis, although premium specification material was closer to €350 a ton CIF.
However, South European HR coil index dropped €9 a ton during the week to finish at €355 a ton.
Recent cuts in HRC asking prices by Italian producers to €350-365 a ton ex-works found their way into the spot market, as more transactions were reportedly done below the €360 a ton mark.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)