Domestic prices for hot-rolled coil in Northern Europe increased day on day on Wednesday March 24, reaching their highest level since June 2008, sources have told Fastmarkets.
Domestic prices in Italy have also increased day on day, supported by a material shortage, strong demand and rising import offers.
Fastmarkets calculated its daily
steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?820.00 ($974.77) per tonne on Wednesday, up by ?,?11.67 per tonne from ?,?808.33 per tonne on March 23. The previous maximum of ?,?800-830 per tonne was achieved in June 2008.
The index was also up by ?,?28.75 per tonne week on week and by ?,?89.32 per tonne month on month.
The calculation of Wednesday's index was based on deals heard at ?,?830-850 per tonne ex-works, achievable prices evaluated by market participants at ?,?800-820 per tonne ex-works and bids heard at ?,?800-820 per tonne ex-works.
Fastmarkets calculated...