US remains ArcelorMittal’s top market; Italy, UK grow
The US remained ArcelorMittal’s top sales market in 2024, while Poland moved up one place to fourth and Italy and the UK were among the few markets to see sales growth.
US sales slipped 5% on-year to $8.44 billion, while number two market Brazil saw sales fall 8% to $7.56 billion and third-largest destination Germany recorded a 12% decline to $5.76 billion, Kallanish notes from ArcelorMittal’s 2024 annual report.
Sales in Poland inched down 0.5% to $4.44 billion but still overtook France whose sales dropped 9% to $4.19 billion.
Of the rare growth areas, Italy sales rose 8% to $2.8 billion and UK sales by 9% to $1.46 billion.
In North America, ArcelorMittal Dofasco’s crude steel output was unchanged on-year in 2024 at 3.1 million tonnes, but ArcelorMittal Mexico production plummeted 34% to 2.5mt. In Brazil, Tubarão output was up 5% to 6.9mt and ArcelorMittal Pecém output surged 20% to 3mt, although this is partly because this figure is counted only from the point Pecém was acquired in March 2023.
In Europe, ArcelorMittal Bremen crude steel production rose 7% in 2024 to 3.1mt after the unit carried out blast furnace maintenance in 2023, which was also the case at ArcelorMittal Belgium whose output surged 21% to 5.2mt.
ArcelorMittal France saw output soar 23% to 4.8mt as its Dunkirk site was hit with a BF fire in 2023. ArcelorMittal Méditerrané output dropped 21% to 1.9mt as BF1 at Fos-sur-Mer remained idled throughout 2024. ArcelorMittal España output rose 13% to 3.6mt after BFA at Gijón was hit by a fire in 2023.
ArcelorMittal Poland meanwhile recorded a respectable 22% rebound in 2024 crude steel production to 3.8mt, following a very weak 2023. The rebound came despite the Krakow unit coke oven battery being permanently closed in July 2024, and coke oven battery 6 at the Zdzieszowice plant being closed in December 2024.
Adam Smith Poland
EU Commission proposes provisional AD duties on HRC imports from Egypt, Japan, Vietnam
The European Commission said in a March 14 statement that it proposed to apply provisional antidumping duties ranging from 6.9% to 33% on its imports of flat hot-rolled coil steel products from Egypt, Japan and Vietnam.
In view of comparable dumping margins revealed by the AD investigation into the respective imports, the Commission proposes 12.1% and 15.6% duties for HRC originating, respectively, in Vietnam and Egypt.
The duties suggested for Japanese coils are significantly steeper except for Tokyo Steel, which faces 6.9%, but Daido Steel and JFE Steel Corp. are challenged with 32% and all the rest, including Nippon Steel, with 33% AD charges to be levied on their HRC sales to the EU.
HRC imports from India are part of the same investigation too, but no dumping margin has been identified so far, following the EU statement.
The proposed duties will not apply to stainless and grain-oriented silicon electrical steel, and tool and high-speed steel strip, as well as sheets in thicknesses exceeding 10mn and widths of 600mm or more.
EU finds no dumping on India HRC
A pre-disclosure to the EU’s anti-dumping investigation found no dumping on hot-rolled coil (HRC) imports from India, while imposing provisional duties on Egypt, Japan and Vietnam in a range of 6.9-33pc from 7 April.
Japan’s Nippon Steel faces one of the highest import duties, at 33pc, while benchmark mill Tokyo Steel has the lowest, at 6.9pc. Fellow Japanese steelmakers Daido Steel and JFE Steel will be taxed at 32pc. All other Japanese producers will have a provisional duty of 33pc.
Material from Vietnam will be subject to a 12.1pc duty, while Egyptian exporters face a 15.6pc tax. No provisional duties are proposed for imports from Vietnam’s Hoa Phat, according to a leaked document from the European Commission.
Egypt, Japan and Vietnam sold 2.2mn t of HRC into the EU last year, accounting for around 25pc of total imports. Egypt sold 694,000t, Japan 860,000t and Vietnam 727,000t.
Indian imports will be unconstrained, as they are subject to a 0pc duty. It shipped 1.2mn t into its own quota last year. India was the most affected HRC supplier by the safeguard review, with imports from the country falling by 23pc to 225,000 t/quarter.
The provisional rates mean Vietnamese HRC will remain easily workable into the EU, and the duties will have little impact on the volume of supply from the country — apart from the limitations already imposed by the safeguard review, which limits imports from other countries to around 111,000 t/quarter. Egypt would be “cooked”, a trader said, with its import volumes likely to decline substantially, if the provisional duties become definitive. Prices in the EU are less likely to increase if these duty rates are imposed, and because the safeguard review results earlier in the week were less stringent than expected, a buyer said.
The low duties on Vietnamese material — below most market expectations — will be welcomed by large re-rollers that account for a high share of the country’s exports to the EU.
Definitive measures are expected by 7 October.
| EU HRC provisional anti-dumping duties | % | |
| Mill | Provisional duty | |
| Japan | ||
| Nippon Steel | 33.0 | |
| Tokyo Steel | 6.9 | |
| Daido Steel | 32.0 | |
| JFE Steel | 32.0 | |
| All others | 33.0 | |
| Egypt | ||
| Ezz Steel | 15.6 | |
| All others | 15.6 | |
| Vietnam | ||
| Formosa Ha Tinh | 12.1 | |
| All others* | 12.1 | |
| India | ||
| All mills | 0† | |
| * No duties on Hoa Phat Dung Quat | ||
| †no dumping found | ||
| – EC | ||
By Lora Stoyanova and Colin Richardson
Source: argusmedia.com
European HRC prices inch up as market weighs import restrictions, trade pressures
European domestic hot-rolled coil prices inched up March 13, with market sources weighing the European Commission’s safeguard adjustments and other trade pressures.
Despite earlier hopes that the safeguard review would lead to significant shifts in market dynamics, steel producers have largely welcomed the changes, while importers and traders expressed frustration over quota reductions and increased restrictions on carryover volumes.
A Germany-based distributor said the adjustments are a “balanced plan,” noting that while the changes were not drastic, they reinforced protectionist measures without overtly increasing tariffs.
The market was divided on the impact of the safeguard revisions. A source at a major European mill said expectations for dramatic price changes were unrealistic and that the safeguard measures were “having an effect” but not triggering immediate price hikes. Meanwhile, traders voiced concerns that the reduction of available import quotas—particularly with Russian volumes no longer being reallocated—was limiting supply options.
HRC offers in Northwest Europe were heard at Eur650-660/mt ex-works Ruhr, with tradable values at Eur635-650/mt. In southern Europe, HRC tradable values remained in a similar range, while lower-priced import offers, such as Eur570-580/mt CIF Italy from Asia, were deemed unworkable due to quota constraints and anticipated antidumping measures.
The broader global trade environment is also weighing on the market outlook. While trade tensions with the US may not have an immediate impact on domestic steel pricing, they contribute to the overall uncertainty in the market, a European distributor said.
Looking ahead, sources expect European steel prices to continue rising gradually over the coming weeks, with potential increases of Eur10-20/mt. However, demand remains weak. A German distributor noted that optimism surrounding the new government’s planned stimulus measures—estimated at $500 billion—could support steel demand in the medium term.
Platts assessed HRC in Northwest Europe at Eur630/mt EXW Ruhr, up Eur5 on the day, and in southern Europe at Eur620/mt EXW Italy, stable on the day.
Platts assessed imported HRC in Northwest Europe at Eur545/mt CIF Antwerp and in Southern Europe at Eur545/mt CIF Italy, both stable on the day.
Platts is part of S&P Global Commodity Insights.
HRC prices stabilize in Europe; buyers skeptical about further increases
Market sources held different views about future price moves for European HRC.
Notably, some suppliers were mulling price rises, pushing June-delivery HRC offers up to €680 ($737.65) per tonne delivered from €660 per tonne delivered.
Buyers, in their place, said that further price rises could not be justified given a lack of demand.
“Steel safeguards on HRC are not as tough as expected – imports will be back, and a weaker dollar against the euro is also supportive of this,” a buyer source in Germany said.
So far, sources reported only limited restocking activity in Northern Europe, mainly hand-to-mouth activity in the spot market amid subdued consumption.
Buyers in Germany and the Benelux area estimated achievable prices at €630-650 per tonne ex-works.
“Yes, there will be tighter supply [of HRC] in Q2 due to the Salzgitter force majeure, ArcelorMittal maintenance, but the market is not going to miss these tonnages unless demand picks up and we need more steel. A further push to increase [HRC] prices should come from demand,” a second buyer said.
As a result, Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at €636.19 per tonne on Thursday, up by €0.10 per tonne from €636.09 per tonne on Wednesday.
The Northern European index was up by €5.25 per tonne week on week and by €32.86 per tonne month on month.
In Southern Europe, meanwhile, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy, was calculated at €620.00 per tonne on Thursday, down negligibly by €0.33 per tonne from €620.33 per tonne on Wednesday.
The index was stable week on week and up by €26.43 per tonne month on month
Offers for May-delivery HRC from two Italian suppliers were reported at €620-640 per tonne delivered (€610-630 per tonne ex-works).
Italian buyers estimated tradeable values at €600-620 per tonne ex-works on Thursday.
One source even said that producers might have to step back to €600-620 per tonne delivered (590-610 per tonne ex-works) shortly, because HRC imports “are coming back.”
Earlier this week, new adjustments to steel safeguard measures in the EU were revealed with HRC restrictions that were deemed to be not tough enough.
As for imports, sources reported May-shipment HRC offers from Indonesia at €540-550 per tonne CFR.
And from Turkey, two buyer sources both reported offers at €580-590 per tonne CFR, including the anti-dumping duty.
“Turkey has a big quota they don’t fully use, so they remain a safe option. And Indonesia [and] Malaysia offers at really competitive prices now, especially considering the weaker dollar against the euro,” a third buyer source said.
Demand for green flat steel muted in Europe, but premiums remain high
Fastmarkets’ methodology defines European green steel as “steel produced with Scope 1, 2 & 3 emissions at a maximum of 0.8 tonne of CO2 per tonne of steel”.
During the assessment week, premiums for such steel were reported at €200-300 ($216.96-325.43) per tonne from major European suppliers.
Buyer sources estimated that achievable premiums for such material were at €100-150 per tonne. But suppliers claimed that the lower end of the range was not workable for electric-arc furnace (EAF)-produced green steel.
Notably, two suppliers told Fastmarkets that they would be willing to knock off no more than €20-30 per tonne from their offers of €200 per tonne.
Buyer sources argued that big tonnages (more than 3,000 tonnes) could be booked with lower premiums – of around €150 per tonne
“The demand [for green steel] is not booming, but we sell 200 tonnes here, 100 tonnes there,” a mill source said.
“Nobody books green steel to stockpile it – it would have been too expensive. So this is back-to-back business – you have a project, you book green steel for it,” the mill source added.
Transactions for flat steel produced with emissions below of 0.7 tonne of CO2 per tonne of steel were reported at €170-180 per tonne, for May-shipment material.
While Nordic countries remained the main demand drivers in Europe, sources have also pointed out that they noted they have heard more inquiries coming from Spain lately.
As a result, Fastmarkets’ assessment for green steel domestic, flat-rolled, differential to HRC index, exw Northern Europe was €150-200 per tonne on Thursday, widening upward from €150-180 per tonne in the previous week.
Meanwhile, Fastmarkets’ assessment of the flat steel reduced carbon emissions differential, exw Northern Europe was €30-60 per tonne on Thursday, unchanged week on week.
For steel produced in blast furnaces, with reduced carbon emissions of 1.4-1.8 tonnes of CO2 per 1 tonne of steel, offers for premiums were reported at €40-70 per tonne during the assessment week.
Notably, premium steel produced with carbon footprint of 1.5 tonnes of CO2 per 1 tonne of steel was reported at €70 per tonne from one supplier.
For steel with produced with 1.8 tonnes of CO2 carbon footprint, the premium was reported at €40 per tonne.
Buyer sources estimated a premium level of €30-60 per tonne, depending on the carbon footprint.
Assofermet: EU should extend safeguards to downstream market
The trade war initiated by the Trump administration could potentially lead to significant market distortions for Europe, Italian steel trade association Assofermet states in its recently released position paper on US president Donald Trump’s enhanced protectionist policies.
The report obtained by Kallanish expresses concerns about the potential short, medium, and long-term effects of the US’s protectionist stance. The execution of US policies is expected to lead to an important redirection of global steel exports to the European Union, potentially prompting the EU to consider countermeasures aimed at Asian countries.
“A similar scenario, which already occurred in 2018, could have particularly serious consequences, since the delicate European economic balance is no longer able to sustain further [domestic] price increases, without risking a further and irreversible loss of competitiveness,” Assofermet warns.
“The part of the economy most at risk is therefore… the EU manufacturing industry that regularly uses steel… in its production. If we continue to protect only the upstream sector, triggering inflationary scenarios…we will continue to destroy the domestic EU market demand as well as exports of EU finished products,” it adds.
It proposes rethinking the existing protection mechanism and extending it downstream. Currently, Europe is focusing its defensive strategies solely on safeguarding the upstream segment of the supply chain.
The US ranks as the second largest export market for European steel producers, representing 16% of total steel exports in 2024. Europe primarily exports premium steel products to the United States that are not produced on the American soil, distinguished by very high costs and performance.
“Consequently, the application of import duties could be easily absorbed by the importer,” the paper suggests.
The ramifications of these tariffs on Europe may result in a notable reduction in EU exports to the US. This could subsequently diminish the demand for raw materials such as scrap and pig iron from mills that might face challenges in finding alternative export markets.
Production levels in the EU are anticipated to decline and the region may need to extend its safeguard measures and anti-dumping duties on imports from the US. The cessation of steel exports from non-EU countries to the US could result in a substantial influx of these materials into the EU, which may lead to considerable market distortions.
In reaction to the US tariffs, it is also plausible that some steel manufacturers in the EU will consider relocating their production operations to the United States.
Natalia Capra France
SSAB to supply fossil-free steel for construction equipment
SSAB says it has entered into an agreement with global construction equipment manufacturer Putzmeister to supply future fossil-free steel for use in manufacturing products such as concrete pump trucks and concrete mixers.
SSAB and Putzmeister have a long history of partnership and technical cooperation, Kallanish understands. By using SSAB’s Strenx high-strength structural steel and Hardox wear plates, Putzmeister has developed very strong and lightweight truck chassis, pump crane booms and concrete mixer drums. The lighter machines increase machine performance but also reduce carbon footprint, SSAB says.
This agreement replaces conventional steel with steel made via Hybrit technology, developed by SSAB with mining company LKAB and energy company Vattenfall, using green hydrogen and fossil-free electricity.
Christian Koehl Germany
Romanian longs prices stable, but rises anticipated due to reduced quota
Following the European Commission’s announcement of decreased tariff-rate quota volumes, the Romanian long steel market has begun to anticipate increased domestic market price movement.
However, no price swings have occurred in Romania, and offers from Romania’s sole rebar producer and traders have remained stable over the last week. On the other hand, with the announcement of quota reductions, some traders anticipate difficult times for the domestic market, while others are keeping an eye on how the market adjusts.
Currently, the sole Romanian rebar producer’s prices have remained stable week on week at around €580-590/mt ex-works, while most traders have kept their rebar prices unchanged week on week at €590-605/mt ex-warehouse, with their wire rod offers stable at €570-595/mt ex-warehouse.
Meanwhile, in the import market, after Turkey sold some rebar to Romania in the previous week at $555-560/mt FOB, Romanian buyers have remained silent on imports this week, probably due to their sufficient supply and recent EU quota changes. However, this week, Turkey’s average rebar price has increased by €5/mt to €545-560/mt CFR Romania, based on a €1 = $1.09 exchange rate and a freight cost of €25-30/mt. In contrast, Bulgaria’s rebar offers have remained stable week on week at €620-630/mt CPT. In addition, Egypt, which had been missing for a few weeks, has returned to the market this week, offering rebar and wire rod at €550-555/mt CPT and €560-565/mt CPT, respectively.
European Commission consultation: Impact of new US tariffs on steel & aluminium
The European Commission has launched an information gathering notice under Regulation (EU) No 654/2014 regarding the new US tariffs on steel and aluminium products and derivatives.
The Commission is assessing the potential impact of these measures and considering possible EU commercial policy responses, including rebalancing measures on specific imports from the US.
This is a critical opportunity for companies affected by these tariffs to provide input and share concerns. If your business is impacted, we encourage you to participate in this consultation and ensure your voice is heard in shaping potential EU trade actions.
📅 Deadline for submissions: March 26, 2025