Southern Europe hot rolled cold (HRC) steel prices rose sharply by €12 per ton week-on-week to €420 per ton in the week ended September 05, as per the latest figures released by the The Steel Index.

After weeks of market rumours, Italian producers announced price hikes to coil prices, bringing HRC offers between €430-440 a ton.

Although many buyers adopted a wait-and-see approach, pausing to see if these hikes will be accepted by the market, some deals were concluded around the €420 a ton mark.

In Northern Europe, previously announced price increases failed to get full traction in the spot market as TSI¡¯s benchmark HRC index moved sideways this week to finish at €421 a ton. Meanwhile, LCH.Clearnet reported a Northern European swap (basis TSI) trade for December.