Southern European HRC Steel prices decline to €412 per ton

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.