ArcelorMittal, the largest steel producer in Europe, has again increased its coil supply by € 20 ($ 24.40) per tonne to € 1,170 per tonne for hot rolled coil and € 1,320 per tonne for cold rolled and hot-dip galvanized steel, sources told S&P Global Platts .
The € 20 gain, confirmed after 4:30 pm London time, came after several days of inactivity in the European market, and is significantly less than the € 50 /t increase in previous weeks.
Falling prices in China weakened the mood of Europeans, and buyers began to show a wait and see attitude. In addition, there have been rumors of a possible rise in cheaper import supply. However, according to sources, those desperate for materials are forced to face limited supply from European factories.
The market was not surprised by the new rise in prices, which ArcelorMittal fixes on a weekly basis. However, the € 20 /ton increase is viewed by the mill as a stabilizing attempt to prevent market stagnation.
"They do it at the very last minute of the week, at least € 20, so that it cannot be said that this is the first week in more than a month without a price increase," said the German shareholder.