ArcelorMittal's European steel mills are increasing their hot rolled coil (HRC) prices to € 600 per tonne with immediate effect of this decision. In this way, the company is responding to accelerated growth in the rest of the world and strong domestic demand.
The company of British billionaire Lakshmi Mittal will also increase the supply of hot dipped galvanized steel to the equivalent base price of 700 euros per ton.
According to analysts, such a move by the world's largest metallurgical company is expected and timely, given the growing shortage of rolled steel in the European market. Delayed during the first wave of the pandemic, demand was superimposed on growing seasonal demand and reduced the availability of hot rolled steel for the automotive industry.
Prior to the price hike, ArcelorMittal's official HRC offer was € 550 per tonne. But some buyers, especially in the Iberian Peninsula region, have long bought steel above this level.
Some customers buying on a monthly basis are already discussing that delivery times from ArcelorMittal's European plants are being pushed back to February and March next year.