The Southern European hot rolled cold (HRC) steel prices down by €3 a ton to €289 a ton during the week ended October 30, as per the latest figures from the Steel Index.
In Southern Europe domestic mills were offering HRC between €290-300/t, although lower prices were reported for large orders.
A falling euro versus the dollar made imports into Italy less attractive, as HRC was quoted to be on offer for $310-315/t CIF Italy, only about €10/t lower than asking prices from local mills.
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This offered some respite for local suppliers, as the market began to speculate if prices in the region have finally reached a bottom.
Amid tepid market activity, TSI’s North European HRC index finished the week where it started, at €343 a ton.
Steel producers, reasonably booked until the end of the year, were reluctant to offer any discounts and spot deals were mostly done near the €340/t mark.
Zhejiang Yaang Pipe Industry Co., Limited (www.yaang.com)