UNITED KINGDOM September 16 2015 12:35 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices declined by €7 per ton week-on-week to €348 per ton ex-works in the week ended September 04, as per the latest figures from the Steel Index.
In Southern Europe, there was still a lack of clarity around mills’ new offer levels following the summer break, but some deals were heard to be done below the €340 a ton mark, possibly indicative of where prices might be heading in the near term.
With Chinese-origin HRC imports reportedly offered as low as €305 a ton CIF Italy, the market is expecting strong price reductions from domestic steel producers.
Northern European mills started to lower their asking prices to attract orders, as pressure from cheaper-priced imports became more apparent.
Although the majority of HRC transactions in the region were still reported in the €375-385 a ton range - keeping TSI’s benchmark index flat, some buyers with large orders were able to achieve prices closer to €360 a ton.