UNITED KINGDOM February 09 2017 3:36 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices gained further by €2 a ton to €536 a ton during the week ended January 20, as per the latest figures from the Steel Index.
South European buyers were pegging the HRC market between €530-540/t, but transactions were limited as many are still well-stocked from orders made at the end of last year.
With import offers heard around €530/t (CIF basis), steel producers seem to be confident that healthy demand and an absence of lower priced imports should help domestic spot prices to rise in the near term.
Activity in the European market slowed down this week, as market participants were locked in price negotiations for Q2 contracts.
North European mills were heard to be increasing their asking prices, with ArcelorMittal reportedly aiming at €600/tonne for HRC.
Some material was still available for the March rolling, with spot prices hovering around the €560/t mark.