Northern European HRC Steel prices continue to decline to €344 per ton-Shanghai Metals Market

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Northern European HRC Steel prices continue to decline to €344 per ton

Industry News 04:52:57PM Oct 26, 2015 Source:SMM

UNITED KINGDOM October 26 2015 9:20 AM

LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices continued to decline by €14 a ton week-on-week to €344 per ton in the week ended October 09, as per the latest figures released by 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.

 

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Northern European HRC Steel prices continue to decline to €344 per ton

Industry News 04:52:57PM Oct 26, 2015 Source:SMM

UNITED KINGDOM October 26 2015 9:20 AM

LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices continued to decline by €14 a ton week-on-week to €344 per ton in the week ended October 09, as per the latest figures released by 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.