ArcelorMittal raises its coil offers significantly in Europe

Leading steel producer ArcelorMittal has increased its coil offers significantly across Europe, sources told SteelOrbis today, March 1. Its HRC offers are up €180/mt, from the €970/mt level announced in late January, to €1,150/mt. At the same time, the producer's offers for CRC and HDG are at €1,250/mt and €1,300/mt respectively. The reasons for the increase are higher production costs, as well as reduced slab and HRC supplies from abroad after the invasion of Ukraine by Russia. In particular, the main Ukrainian player, Metinvest, will not be able to sell HRC and slabs to Europe and Turkey. At the same time, trade with Russia is affected due to the sanctions against Moscow and the high levels of uncertainty in general. In this context, Italian mills, who stopped offering material last week, are expected to hike their offers significantly in the coming days. As reported previously by SteelOrbis, Metinvest sold more than 1.6 million mt of slab to Italy in 2021.