LONDON (Commodity Online): Flat steel prices rose in Europe and US markets with bullish sentiments prevailing after the Christmas and New Year Break in the month of January 2012, according to a monthly review of steel market by The Steel Index.
Hot Rolled Coil (HRC) prices consolidated at current levels of US $730-750 a shrot ton after witnessing a rise of US $41 per s.ton in the first two weeks of January. Cold Rolled Steel (CRC) steel prices rose by $30 a s.ton in the same period, TSI review said. Severstal NA and Nucor prices for HRC rose to US $770 per short ton signaling a rising trend in the beginning of the year.
Flat steel spot prices in Europe continued their ascent into the new year, after showing some signs of life late December. Prices for North European HRC rose 5.5% to a January average of €512/tonne whilst CR coil and galvanised sheet prices rose €27/t to €512/t and €32/t to €603/t respectively (January averages), TSI report added.
Arcelor Mittal announced Euro 50 per ton price hike while Italian re-roller Marcegaglia announced an increase of euros 30-40 per ton following the December’s Euro 20 per ton hik for all steel products. HR coil prices responded in similar fashion to Northern markets, rising €30/t to €498/t (Jan avg) whilst spot prices closed out at €527/t on the final day of the month
In Turkey, flat steel prices strengthened during January in line with the improved market outlook, with monthly average HRC price rising to $650/t (+3.8% m-o-m). However, falling scrap prices and continuing uncertainty in the export markets slowed down trading activity towards the end of the month, with buyers adopting a ‘wait-andsee’ approach. Turkish crude steel production in 2011 saw the fastest y-o-y growth compared to any other major steelmaking country of 17% (34mt produced), TSI report said
