UNITED KINGDOM January 22 2016 4:37 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices advanced sharply by €9 a ton week-on-week to €290 a ton during the week ended January 15, as per the latest figures from the Steel Index.
European HRC prices increased this week, as lower offers, available a few weeks ago seem to be disappearing from the market.
However, steel producers’ more ambitious hikes of €20-30 a ton were largely met with skepticism, as buyers pointed out that raw material prices were still low and end-user demand yet to pick up.
For Live US Steel Scrap Prices Log on to Scrap Register
Activity in the South European market was subdued, as large-volume buyers adopted a wait-and-see attitude, having booked sufficient amounts of material at lower price levels.
Mills’ HRC asking prices were between €295-300/t, while deals were concluded €5-10 a ton lower. Imports offers from China and Iran were heard to be in the €275-285 a ton range (CIF Italy).
Transactions in Northern Europe were concentrated around the €320 a ton mark and TSI’s benchmark index saw an €8 a ton week-on-week gain, closing at €323 a ton.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)