ArcelorMittal increases long steel prices in Europe by €40/t

Global steel producer ArcelorMittal has announced an increase in the prices of rolled products across Europe. This was reported by Kallanish with reference to sources in the market.

Prices will increase by €40/t for all types of long-rolled products, including rebar, beam and wire rod. The decision was made due to the instability of the market and the rise in prices for raw materials around the world. Companies throughout the supply chain are at risk of financial instability, and higher prices should restore some profitability.

The current increase is effective immediately for all new bookings.

Global rebar prices in September did not show a clearly defined trend. In the USA and the EU, the dynamics were negative, but in Turkey and China, growth was observed, which is not considered sustainable.

In particular, on the European market, fittings quotations remained mostly stable in August-September. In Northern Europe, during September 1-20, prices remained at the level of €610-630/t Ex-Works, and in Italy – decreased by 3.4%, to €550-560/t Ex-Works, mainly following the price trend of junk.

As GMK Center reported, ArcelorMittal recently announced an increase in hot-rolled coil prices in Europe by €40/t, up to €590/t. At the same time, NLMK La Louviere increased prices by around €25/t. Service centers have also reacted to the increase in prices from metallurgists, in particular, one of them offers g/k coil at the level of around €605/t for small tonnages.

Steel mills resorted to a sharp price increase following the recent announcement of China’s economic stimulus and rising prices for metallurgical raw materials.