Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe
, at €691.25 ($840.90) per tonne on Wednesday, up by €3.25 per tonne day on day from €688.00 on Tuesday.
The index was also up by €24.58 per tonne week on week and by €85.00 per tonne month on month.
Today’s index was calculated based on achievable prices heard at €690-710 per tonne ex-works and deals reported at €650-690 per tonne ex-works.
Official offers, in the meantime, have been heard at €730 per tonne ex-works. These offers, however, were not included in the calculation because the prices have not been accepted by buyers, and it is standard practice for European mills to announce big price rises to try and trigger smaller rises in transaction...