UNITED KINGDOM March 21 2016 6:43 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices advanced by €4 week-on-week to €327 per ton in the week ended March 04, as per the latest figures released by The Steel Index.
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.
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.
However, 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.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)