UNITED KINGDOM April 01 2016 11:49 AM    

LONDON (Scrap Register): The  Southern European hot rolled cold (HRC) steel prices rose sharply by €21 a ton  week-on-week to €322 a ton during the week ended March 18, as per the latest  figures from the Steel Index.

European steel producers continued to push  through their price increases, holding firm on their new offer levels and  introducing further hikes.

With the latest Chinese offers  heard this week as high as €345 a ton CIF Italy, there is little alternative to  domestic material at the moment. Two Italian mills that were previously  withholding their offers returned to the market with new HRC asking prices,  reportedly at €330 a ton and €360 a ton respectively.

After a period of  initial uncertainty, market activity picked up, and a number of deals were  concluded at a higher price level towards the end of the week. TSI’s South  European HRC index finished at €322 a ton, its highest reading since October  last year.

The North European market seemed to have absorbed asking  prices introduced last week, with a number of transactions concluding around the  €340 a ton mark.