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.