SteelOrbis has learned that global steel giant ArcelorMittal has raised its offers for hot rolled coils (HRC) by €20/mt today, January 28, to €750/mt ex-works for the remaining volumes of its second quarter production. This is the fifth increase by the producer since mid-November, for a total of €200/mt. On January 8, ArcelorMittal had hiked its HRC offers by €30/mt to €730/mt.
At the same time, the producer raised its hot dip galvanized (HDG) offers by €30/mt to €880/mt ex-works.
According to sources, the move is more aimed at maintaining transaction prices stable for as long as possible than linked to a further improvement of market conditions. As reported this week, buyers in the EU HRC market have started to adopt a cautious approach in anticipation of possible price declines. However, in general European mills are still enjoying strong order books, supported by a lack of supply both domestically and from third countries.
Currently, transaction HRC prices in the EU market are at €700-720/mt ex-works.