UNITED KINGDOM November 10 2016 2:49 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices advanced €4 per ton week-on-week to €428 per ton in the week ended September 02, as per the latest figures released by The Steel Index.
North European HRC index ticked up to €428 a ton as more transactions were concluded this week nearer to the €430 a ton mark.
This seems to be a temporary stop-off point, as buyers commented on the likelihood of €10-20 a ton spot price increases in the near term.
These expectations were confirmed by ArcelorMittal, which, as reported by S&P Global Platts today, increased its coil prices by €40 a ton.
Italian buyers started to return to the market this week and HRC transactions were reported to be done at a pre-holiday level of €380 a ton, although many anticipate spot prices increasing to at least €400 a ton for HRC.
Import offers were scarce, but Iran and Brazil are expected to come back with their new asking prices next week.