ArcelorMittal hikes HRC prices in northern Europe

Leading steel producer ArcelorMittal has increased its hot rolled coil (HRC) offers by €30/mt to €970/mt in the northern European market, sources told SteelOrbis today, January 28. The reason for the increase are higher production costs, the same sources commented. For now, transaction prices have remained largely stable in the past week, at €910-940/mt in northern Europe and at €810-840/mt in the Italian market, both ex-works and up €5/mt on average. However, these may increase soon due to an expected increase in import offers, especially after the European Commission's decision not to impose provisional antidumping duties on corrosion-resistant steel from Russia and Turkey. In addition, demand from the automotive segment has been somewhat better in recent weeks, after the settlement of long-term contracts between EU mills and end-users. As reported previously, though, automotive demand is likely to remain limited in the coming period due to the persisting shortage of semiconductors globally. High stocks of imported material at ports may also have an impact on the ability of European producers to pass on their much-desired price increases.