Southern European hot rolled cold (HRC) steel prices declined sharply by €9 per ton week-on-week to €395 per ton in the week ended February 27, as per the latest figures released by The Steel Index.
In Southern Europe producers’ offers stood in the €395-405 a ton range, with larger-volume transactions concentrated near the €395 a ton mark.
Meanwhile, Feb 2015 and Feb-Jun 2015 Northern European HRC swaps, priced at €410 a ton and €411 a ton respectively, cleared on LCH. Clearnet (basis TSI).
In Northern Europe buyers used the lack of purchasing activity in the market to their advantage as they bargained for lower priced deals this week.
Steel producers on the other hand attempted to push through planned increases for Q2 orders but faced difficulties in doing so.
What culminated were HRC offers near the €410 a ton mark, but some deals concluding closer to €400 a ton, lowering TSI’s benchmark index to €405 a ton by the end of the week.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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