ArcelorMittal is pushing coil offers in Europe up further. They are now at €820/tonne ($878) delivered across Europe for hot rolled coil, up some €40/t compared with the last offers heard at the end of January, sources in the market tell Kallanish.
The new offer levels are set be applied to all new European orders. Hot-dip galvanized coil offers should be lifted to €940/t base as a result.
European coil prices are continuing their recovery, but at a slower pace than suggested by the latest ArcelorMittal price hike. According to Kallanish price indices, transaction levels in northern Europe were still at some €740-770/t last week, while in Italy they are also yet to reach €800/t.
ArcelorMittal said last week in its 2022 earnings report that the peak of the destocking that negatively impacted European steel demand in 2022 has now been passed. In 2023, the company expects apparent steel demand in Europe to recover some 0.5-2.5% year-on-year.
Emanuele Norsa Italy
