Sources in the market confirm this week that ArcelorMittal is holding firm its offers for coil products to be delivered in November.
At the end of August, the company raised its offers on the back of higher energy costs. The move, followed by other steelmakers, stopped the downward trend of coil prices in Europe, but a firm recovery is yet to be seen.
New offers for November are at €810/tonne ex-works for hot rolled coil and €910-930/t for hot-dip galvanized coil.
Sources at this week’s EUROMETAL meeting in Milan attended by Kallanish confirmed that expectations for the fourth quarter are for coil prices to show some recovery after the current stabilisation. Sentiment in the market remains weak due to low apparent steel demand across Europe but distributors and service centres agree price levels need to recover following the latest spike in energy costs and output reductions by steelmakers.
Emanuele Norsa Italy
