Southern European HRC Steel prices shoot up by €42 per ton

UNITED KINGDOM May 30 2016 7:35 PM     

LONDON (Scrap Register): The  Southern European hot rolled cold (HRC) steel prices shot up by €42 per ton  week-on-week to €420 a ton during the week ended May 06, as per the latest  figures from the Steel Index.

According to TSI, South European HRC index  jumped by €42 a ton from last Friday to close at €420 a ton, its highest level  since October 2014. Steel producers in Southern Europe who were absent from the  market last week, came back with new asking prices.

HRC offers for July delivery  were established at €420/t, while one producer was reportedly asking as high as  €450 a ton.

Although some buyers viewed these increases as too steep,  and decided to postpone their orders, by the end of the week €420 a ton became  the prevailing transacted price level.

Deals in the North European market  were concluded in the €400-410 a ton range amid limited market activity. With  markets at a standstill due to public holidays at the end of this week, a  renewed upward price push from North European.