Europe: ArcelorMittal increases flat steel prices by Euro 40/t ($43/t)

ArcelorMittal Europe has announced an increase of Euro 40/t ($43/t) in flat steel prices. Post increase, effective prices are as follows:

• Hot-rolled coil (HRC): Euro 820/t ($878/t)
  
  
• Cold-rolled coil (CRC): Euro 920/t ($985/t)
  
  
• Hot-dipped galvanised coil (HDG): Euro 940/t ($1006/t)
  
  
• Prices are on ex-works basis.
  
  

The earthquake in Turkiye and its aftershocks are being felt. Market participants opine that export-import activities from Turkiye are likely to stay impacted amid damage to Iskenderun port and the recent flooding of the city, and this may impact the EU. Turkiye's finished flat steel exports stood at 6.18 mnt in CY'22 out of which the share of HRC was 1.81 mnt (29%). Turkiye exported 0.59 mnt (33%) of HRC to Europe in CY'22. Hence, it will be interesting to see the EU's shift to other countries to make up for the loss in volumes from Turkiye.

Note: This article has been written in accordance with an article exchange agreement between SteelDaily and SteelMint.