UNITED KINGDOM March 15 2016 6:57 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices gained significantly by €7 a ton week-on-week to €296 a ton during the week ended March 04, as per the latest figures from the Steel Index.
South European HR coil prices saw an upward movement this week, as TSI’s index finished at €296 a ton, plus €7 a ton from last Friday.
Rising steel prices globally rendered import quotations uncompetitive, giving domestic steel producers a clear price advantage. Only Iranian mills were heard to offer material below €300/t CIF Italy, while Chinese and CIS-origin offers were higher.
However, Northern European mills also attempted to push through increases to HRC asking prices, but only a limited number of trades were concluded.
Although market participants indicated that sellers were likely to achieve some of their targeted increases, buyers seemed to be taking their time before committing to new orders.