UNITED KINGDOM February 05 2016 2:27 PM
LONDON (Scrap Register): The Southern European hot rolled cold (HRC) steel prices dropped by €4 a ton week-on-week to €286 a ton during the week ended January 29, as per the latest figures from the Steel Index.
South European HRC index lost to €286 a ton as mills seemed to be ready to offer discounts to attract orders in a quiet market.
Activity in the European steel market remained slow, as buyers booked large orders at the bottom of the market last year, and now return to the spot market only to top up their inventories.
Although stock levels are currently relatively low, some steel users are waiting for an arrival of their import bookings made 3-4 months ago.
HR coil transactions in the North European market were mainly done in the €320-325/tonne range, similar to the last week.
Orders were still made for March delivery, while quotations for the second quarter should become available in the next few weeks.