UNITED KINGDOM December 07 2015 4:01 PM
LONDON (Scrap Register): Northern Europe hot rolled cold (HRC) steel prices plummeted further week-on-week to €317 per ton in the week ended November 27, as per the latest figures released by The Steel Index.
According to TSI, North European HRC benchmark index lost a further €9 a ton since last Friday, finishing the week at €317 a ton.
Reacting to persistently weak demand, offer prices slipped to around €325 a ton from first-tier producers and €310 a ton from smaller mills.
However, buyers remain unconvinced that prices won’t fall any further, and continue to withhold their orders.
In Southern Europe, amid mostly uncompetitive import offers, domestic producers were trying to keep their prices stable between €280-290 a ton depending on the mill.
Although some Italian producers are starting to talk about imminent price increases of up to €20 a ton, market participants have noted that new orders are still being fulfilled at the current price level.
