UNITED KINGDOM August 18 2016 7:35 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices plummeted by €10 a ton week-on-week to €425 per ton in the week ended July 01, as per the latest figures released by The Steel Index.
Following previous week’s price falls in Southern Europe, it was TSI’s North European HRC index that took a dive to €425 a ton, falling €10/t during the week.
With the majority of Q3 orders completed, buyers negotiating deals for the fourth quarter sought discounts with transactions concluding in a lower range of €420-430/t.
HRC offers from South European mills were wide between suppliers, with the most competitive asking prices reportedly around the €410/t mark.
While many European buyers are quite bearish in their price outlook for the end of the year, steel producers seem to be more optimistic.
Speaking at Platts Steel Markets Europe conference in Barcelona, ArcelorMittal noted that with the backlog of import arrivals now completed and new import orders limited, low inventory levels are expected to provide support for steel demand.
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