UNITED KINGDOM November 30 2015 9:44 AM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices dropped by €6 a ton week-on-week to €326 per ton in the week ended November 20, as per the latest figures released by The Steel Index.
According to TSI, North European HRC index dropped €6 a ton from last Friday to finish the week at a new low of €326 a ton.
Buyers continued to place only hand-to-mouth bookings, and mills were forced to reduce their asking prices to meet customers’ price expectations and secure orders.
Transactions were seen concluding in a wide range, stretching from €335 a ton to as low as €310 a ton, although some market players indicated that even lower prices were possible to achieve.
Signs of activity returned to the South European market, as buyers gained confidence that prices may have temporarily stabilized around the €290 a ton mark, with TSI’s index flat at €287 a ton for almost two weeks now.