It is reported that long steel products prices in Europe are loosing ground with H Beams dropping below the mark of EUR 300 per tonne basis to EUR 290 per tonne delivered North Italy, equivalent to an effective price of about EUR 590 per tonne to EUR 600 per tonne.

Merchant bars are still holding at around EUR 230 per tonne to EUR 250 per tonne basis equivalent to an effective price of EUR 560 per tonne to EUR 580 per tonne.

Read more: Tata Steel reports £840 million loss due to European weakness

HRP prices in Italy are gradually but consistently sliding.

Even though domestic mills are officially asking for EUR 600 per tonne to EUR 620 per tonne basis EXW, they have recently booked small quantities at price between EUR 580 per tonne to EUR 590 per tonne basis delivered. On the other hand, import offers are ranging between EUR 535 per tonne to EUR 545 per tonne bases CFR FO basis.