Leading European steelmaker ArcelorMittal has increased its coil prices for the second time in March.
The company is now targeting €850/t for hot-rolled coil (HRC), €970/t for hot-dip galvanised and €950/t for cold-rolled coil (CRC).
Buyers that tried to secure tonnes at the older offer today were turned down, told all existing offers were withdrawn and that delivery for HRC is now September and that delivery for other products could be in the fourth quarter.
The price hike is unsurprising given the tightness in all segments of the coil product suite. Buyers are already accepting CRC imports at €920-925/t cfr Antwerp equivalent, for September delivery, as they are desperate for material. Argus' daily NW EU CRC assessment has risen by €65/t this month already, to €910/t, while the daily NW HRC index has increased by €50/t, as of 17 March.
Global price strength has seen other bulk exporters push up offers, despite scrap prices softening in recent days.
