ArcelorMittal, a leading player in the European steel industry, has announced an increase in its hot-rolled coil (HRC) prices for Northern Europe, setting the new rate at €700 per tonne, up from the previous €680.
Factors Influencing the Price Increase:
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Rising Demand: The company attributes the price hike to a surge in demand and an uptick in bookings, particularly following revisions to European market protection measures. This trend is notably evident in the HRC segment in Northern Europe, as well as in cold-rolled and galvanized steel across the region.
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Anticipated Import Reductions: The European steel market is bracing for a decline in imports due to the imposition of new anti-dumping duties on steel supplies from countries such as Egypt, Japan, and Vietnam. This expected reduction in imports is contributing to the upward pressure on domestic steel prices.
Market Implications:
European steel mills are currently exercising caution in sales, grappling with low capacity utilization and production delays. These challenges have led to a more measured approach to product offerings. Additionally, the futures market reflects this sentiment, with quarterly HRC contracts trading at €670 per tonne, maintaining stability since the end of March.
This price adjustment by ArcelorMittal underscores the dynamic nature of the European steel market, influenced by fluctuating demand, trade policies, and production capacities. Stakeholders are advised to monitor these developments closely as they navigate the evolving landscape.
Vietnam Steel by Hoa Sen Group
