UNITED KINGDOM December 05 2016 2:33 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices gained further by €2 a ton during the week ended September 23, as per the latest figures from the Steel Index.
South European index finished the week at €410 a ton, but some higher trades at €420 a ton and above indicated where the market might be heading in the near term.
European HRC indices ticked up during the week, although market activity continued to be low across the region. ArcelorMittal announced a new price hike of €20 a ton for its coil products, reportedly putting HRC offers in Northern Europe at around €480 a ton.
The spot market was still quite far away from this number, with deals reported to be done around the €440 a ton mark, although buyers seem to agree that a price increase of some magnitude is almost certain.