UNITED KINGDOM November 15 2016 3:45 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices up by €2 a ton week-on-week to €382 a ton during the week ended September 02, as per the latest figures from the Steel Index.
However, the North European HRC index ticked up to €428 a ton as more transactions were concluded this week nearer to the €430/t 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, 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.