Northern European HRC Steel prices plummet to €425 per ton

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.