UNITED KINGDOM October 14 2015 6:52 PM

LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices plummeted by €13 a ton week-on-week to €358 per ton in the week ended October 02, as per the latest figures released by The Steel Index.

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. 

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With the uncertainty if prices have yet reached the bottom, many buyers withdrew from the market, placing only minimum orders.

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.

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