UNITED KINGDOM January 06 2017 4:19 PM

LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices shot up by €29 per ton week-on-week to €550 per ton in the week ended December 09, as per the latest figures released by The Steel Index.

Activity in the European market was very slow during the week, as buyers and sellers continued their standoff over increased coil prices.

While first-tier North European producers aimed for €600 a ton for HRC, buyers deemed this level as too high and stayed away from the spot market. 

However, lower-priced offers seem to have disappeared from the market and the index jumped to €550 a ton early in the week. 

More HRC transactions in Southern Europe were reported to be done in the €500-520 a ton range, and TSI’s South European index moved above the €500 a ton mark for the first time since June 2012.

European buyers are watching ongoing term contract negotiations with the automotive sector, hoping it may give some direction on the extent of price rises in 2017.