UNITED KINGDOM November 18 2016 3:14 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices shot up to €400 a ton during the week ended September 09, as per the latest figures from the Steel Index.
South European HRC index made an €18 a ton jump during the week to €400 a ton. Spot prices reacted to recent hikes by Italian producers, with increases ranging between €20-40 a ton depending on supplier.
While producers are supported in their efforts by ongoing trade investigations, market activity remained slow, and many buyers were staying out of the market.
In Northern Europe HRC prices ticked up as deals were recorded in the €430-435 a ton range. This is below what mills have set as their targeted level, and many buyers think that the price uptrend will continue.
Import offers were scarce – Iran was reportedly offering HRC at €415 a ton CIF Italy, not attracting much of buyers’ interest; offers into Northern Europe were heard near €410 a ton CIF basis.