UNITED KINGDOM October 13 2015 4:35 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices declined sharply by €10 a ton week-on-week to €323 per ton ex-works in the week ended October 02, as per the latest figures from the Steel Index.
In Southern Europe HRC prices also dipped, as more deals were done near the €320 a ton mark.
Pressure from imports did not abate, and Chinese-origin HRC was heard to be offered around €315 a ton CIF Antwerp and below €300 a ton CIF Italy.
According to TSI, North European HRC index finished the week at a new low of €358 a ton, dropping €13 a ton from last Friday.
Although large mills reportedly tried to hold on to the €370 a ton offer price level before negotiations of the long-term automotive contracts commenced, second-tier mills were selling material between €350-360 a ton.
With the uncertainty if prices have yet reached the bottom, many buyers withdrew from the market, placing only minimum orders.