UNITED KINGDOM August 11 2015 11:50 AM

LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices declined sharply by €9 per ton week-on-week to €355 per ton ex-works in the week ended July 24, as per the latest figures from the Steel Index.

According to TSI, 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.

However, 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.

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