UNITED KINGDOM January 02 2017 5:38 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices advanced sharply by €56 per ton week-on-week to €519 per ton in the week ended November 25, as per the latest figures released by The Steel Index.
Following the recent price hike by European producers, HRC prices saw a rapid ascent during the week.
In Northern Europe major steel mills are now targeting around €550 a ton for HRC, citing increased raw materials costs as one of the main reasons for the move.
Although buyers took a cautious approach in making bookings at this new price level, by the end of the week prices below €500 a tonwere difficult to come by, and the index closed at €519 a ton, soaring by €56 a ton in a week.
In Southern Europe, HRC transactions were largely concluded near the €470 a ton mark the week.
However, Italian mills are considering further price increases, and their new HRC offers for end of January-February deliveries are reportedly going to be set between €520-530 a ton.
