Northern European HRC Steel prices drop further to €343 per ton

Northern Europe hot rolled cold (HRC) steel prices dropped further by €1 a ton week-on-week to €343 per ton in the week ended October 16, as per the latest figures released by The Steel Index.
According to TSI, North European HRC prices hovered just above the €340 a ton level the week, with the majority of trades reported between €340-350 a ton, although large volume transactions were able to achieve as low as €330 a ton.
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However, South European HRC index remained mostly stable during the week, firmly establishing itself below the €300 a ton mark.
According to the latest industry numbers, Italy continues to receive an influx of lower priced import material, which is suppressing domestic mills’ asking prices.
Between Jan-Aug this year, Italy accounted for 35% of all EU steel imports, while HRC and CRC imports into the country increased by 75% and 71% year-on-year respectively.