UNITED KINGDOM July 28 2016 4:36 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices declined by €9 a ton week-on-week to €412 a ton during the week ended June 24, as per the latest figures from the Steel Index.
Regional mills’ offers slid to between €410-420/t, and many service centers returned to the market to place orders after a long period of absence. The mood remains uncertain, as many are wondering if further weakness is on the horizon.
The North European market was stable amid slow activity. Buyers requiring HRC for Q3 were reportedly paying between €430-440/t, but there were meaningful discounts available for Q4 orders.
There was speculation abound as to what yesterday’s ‘brexit’ vote meant for both the wider European economy and steel sector.
In other news, reports emerged that Thyssenkrupp and Tata Steel could be on the verge of signing an MOU on merging their European steel businesses.
For queries, please contact Michael Jiang at michaeljiang@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn