Europe's largest steelmaker, ArcelorMittal, has raised its prices for hot-rolled coil (HRC) in Northern Europe by 30 euros to 970 euros per tonne. This was reported in Argus.
According to analysts, the market has been waiting for the announcement of a rise in steel prices for several weeks, while an increase to 50 euros per ton was expected.
The increase in prices in Europe occurred against the backdrop of the decision of the European Commission not to introduce temporary duties on hot-dip galvanized steel from Russia and Turkey, where prices immediately began to increase, including for hot-rolled coils.
Domestic demand for hot rolled coils in Turkey has increased in recent days, bringing domestic and export offers closer to US$900/t EXW, prompting other exporters to increase their offers as well.
Some smaller spot suppliers in Northern Europe and the Visegrad region have already withdrawn their cheaper offers and intend to return with higher price levels after the announcement.
"It's time for customers to realize that production costs have skyrocketed too much, there's no point in continuing this agony," said one.
Doubts remain whether there will be enough demand from buyers for new levels of steel prices, given the significant stocks of coils in ports and warehouses, as well as vague bids from the automotive industry.
The Ukrainian market is also reporting a new round of metal products price increase initiated by Metinvest Group, the largest supplier in the domestic market of the country.
The Argus NW European daily benchmark index for hot-rolled products was EUR 906/t yesterday, up from EUR 900/t on 25 January.
