NEWSBREAK: ArcelorMittal Europe raises HRC prices by $36/t

ArcelorMittal has again increased its official offer prices for hot-rolled coil in Europe by €30 ($36) per tonne, sources told Fastmarkets on Friday May 7.

The steelmaker had already increased its offers four times in April.

After the rise, new offers for HRC have reached €1,050 per tonne ex-works.

ArcelorMittal, however, kept its offers for downstream products unchanged at €1,200 per tonne ex-works for cold-rolled and hot-dipped galvanized coil.

Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at €1,020.83 per tonne on May 6, up by €32.50 per tonne week on week and up by €135.83 per tonne month on month.

The index was based on achievable prices estimated by market sources at €1,000-1,020 per tonne ex-works and €1,020-1,050 per tonne ex-works.

Most European producers were offering HRC for delivery in early-fourth quarter, market sources said.

Long delivery times and the short supply of material will keep pushing European coil prices further upward, market participants predicted.

European buyers have been struggling to secure volumes from either domestic or overseas suppliers. This week, European mills were largely away from the market since they feel no pressure to secure more orders due to good order books and they also prefer to wait and see before they start trading fourth-quarter rolling, market sources said.

The limited availability of imports was adding to the picture, exacerbating the shortage of material.

What to read next
Fastmarkets is proposing a realignment of its dealer selling price for ferrous scrap machine shop turnings in Houston, effective from the September 2022 monthly settlement.
Participants in the US steel market were divided on the impact of a price increase from Nucor’s sheet mill group this week, with some suggesting hot-rolled coil prices could fall further while others were optimistic that announcement could halt - or even reverse — the recent downtrend
Chromite prices rose further in the two weeks to Tuesday May 31 on support from cost pressures and logistical issues in South Africa
UG2/MG chrome ore prices experienced major declines in the week to Tuesday July 12, dropping by $15 per tonne week on week, as the market saw the beginnings of a break in the continuing stalemate of recent weeks
The European charge and high-carbon ferro-chrome benchmark for the third quarter of 2022 has slumped by 16.7% from the previous quarter’s settlement to $1.80 per lb
Executives at major flat-rolled steel producers in the United States discussed three common themes during their companies’ earnings calls for the second quarter of 2022, sharing views on a potential recession, affects from recent government policy changes and trends in steel raw materials
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.