European mills lift coil prices further
European steelmakers have been looking at further increasing their hot rolled coil offer prices in recent days, on the back of a recovery in import prices as well as some output limitations.
Sources confirm to Kallanish that ArcelorMittal has raised its price indications by a further €20/tonne ($21) this week, lifting HRC offers to €870/t ex-works for all European regions and hot-dip galvanized coil to €990/t ex-works base.
This week, offers from import sources, such as India, have moved up again, giving further space for European suppliers to raise their quotes.
In addition, sources point out the fact that some production restrictions continue to affect coil supply in Europe.
Tata Steel invoked force majeure at its Ijmuiden mill at the end of February. Other European suppliers of cold rolled coil and HDG are understood to have benefited from this, booking a good number of orders for delivery until July.
One source in the Benelux also notes that output restraints remain at some units in Belgium, including NLMK Louviere, which was impacted by a fire at the end of December and where production remains limited.
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