Southern European HRC Steel prices shoot up to €472 per ton

UNITED KINGDOM January 03 2017 3:18 PM

LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices shot up by €38 a ton to €472 a ton during the week ended November 25, as per the latest figures from the Steel Index.
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. 
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.