UNITED KINGDOM March 29 2016 3:33 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices increased further by €5 a ton week-on-week to €301 a ton during the week ended March 11, as per the latest figures from the Steel Index.
Some South European producers raised their HRC asking prices to between €320-330 a ton for May/June deliveries.
The rally in steel prices around the world, as well as a jump in iron ore prices, presented an opportunity to European producers to hike their finished steel offers. ArcelorMittal announced a €30 a ton price increase for its flat products, while other North European mills began quoting around €350 a ton for HRC.
Transaction prices followed, and TSI’s North European HRC index gained €13 a ton during the week to finish at €340 a ton.
However, some Italian mills were heard to withdraw their offers completely with the intent to return with higher asking prices.
Despite this, market uncertainty halted trading in the region, as service centers expressed concerns as to whether they would be able to pass on increased prices to end-users.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)