Sources in the market report this week that ArcelorMittal is further increasing its offer prices for hot rolled coil across Europe.

The supplier is now understood to be offering HRC across Western Europe at €780/tonne ($848) delivered, while Eastern European clients are being offered HRC at €800/t delivered. These quotes are for new orders to be delivered in March.

The move was widely anticipated in the market during recent weeks and is expected to give a new boost to the ongoing recovery of spot transaction prices.

According to the Kallanish northern European HRC index, transactions touched the bottom at €650/t in mid-November 2022 and have since jumped by €80/t. The recovery registered during the last two months is the first time European HRC prices have moved up since values started a long-lasting negative cycle in mid-March 2022.