UNITED KINGDOM May 19 2016 4:42 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices continued to rise by €13 a ton week-on-week to €388 per ton in the week ended April 29, as per the latest figures released by The Steel Index.
According to TSI, HR coil offers from North European steel producers rose to between €400-410 a ton, and by the end of the week this price level started to trickle down into the spot market.
Transactions concluded in a wide €380-400 a ton range, and TSI’s North European benchmark index gained €13 a ton from last Friday.
Activity in the South European market was slow this week, as a number of Italian mills were heard to withdraw their offers, with market participants speculating that they will come back with HRC asking prices over €400 a ton
Deals were done between €370- 380 a ton, although many buyers remain on the sidelines, waiting for more clarity in the price level.