After increasing its CRC and HDG prices late last week, Global steel giant ArcelorMittal has raised its prices in the EU market for all coil products, including HRC today, March 5. Its new offers for HRC are at €800/mt ex-works, up €50/mt compared to the €750/mt level that had been valid since late January. At the same time, ArcelorMittal has increased its CRC and HDG prices to around €900/mt and €920/mt, compared to the previous levels of €880-890/mt and €900/mt, respectively, all ex-works. As reported previously, some other European producers were already targeting prices of up to €780/mt for HRC this week. Offers refer to third quarter shipments. The main reasons behind ArcelorMittal's hikes are tight supply and strong demand in the domestic market, and also the strengthening of raw material and flat steel prices in the global market, especially in Asia in the past week.
According to sources, transaction prices for HRC in the EU market have increased by €5/mt on average today, March 5, to €720-760/mt ex-works, after increasing by €10/mt earlier this week. As usual, the lower end of the range refers to the prices recorded in southern Europe, while the upper end is for northern Europe. These are expected to strengthen further in the coming period on the back of announcements of increased prices by ArcelorMittal and other producers.