UNITED KINGDOM October 23 2015 4:35 PM

LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices plummeted by €30 a ton week-on-week to €393 per ton ex-works in the week ended October 09, as per the latest figures from the Steel Index.

According to TSI, daily South European HR coil benchmark broke through an important psychological barrier this week, as spot prices in the region fell to below €300 a ton (ex-works) for the first time since publication began in November 2006. 

For some time now there has been a dearth of order activity in South Europe, and its effects were felt this week as mills caved in to price match imports offers. 

There was no shortage of steel either; 10kt of unsold Chinese-origin material sits at Ravenna port in Italy according to one market participant. 

Bidding for commercial HRC grades continues to be aggressive with some expecting another ‘correction’ in offer levels from local steelmakers.