Domestic prices for hot-rolled coil in the EU increased over the week to Friday April 30, going above €1,000 ($1,205) per tonne for the first time.
At the end of last week, ArcelorMittal again increased its official offer prices for all steel coil products in Europe – by €20 per tonne for HRC and by €50 per tonne for downstream products. Its new offers for HRC were heard at €1,020 per tonne ex-works.
Some other mills were also reported to have increased their official offers.
Market sources believed that further price rises were likely because mills have the upper hand in pricing negotiations due to the current material shortage, strong demand and limited access to imports.
Demand has remained strong due to there being low stocks at both distributors and end-consumers, market sources said. In addition, coil imports have been restricted by European safeguard measures, and offers available in the market have been at high prices, comparable to those from domestic mills.
Lead times from the majority of both European and overseas suppliers have been for late-third-quarter or fourth-quarter delivery, market sources said.
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