UNITED KINGDOM August 11 2016 2:41 PM

LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices edged up by €1 a ton week-on-week to €435 per ton in the week ended June 24, as per the latest figures released by The Steel Index. 

According to TSI, North European market was stable amid slow activity. Buyers requiring HRC for Q3 were reportedly paying between €430-440 a ton, 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. 

South European prices dropped and HRC index lost €9 a ton during the week to close at €412 a ton. 

Regional mills’ offers slid to between €410-420 a ton, 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. 

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.