Posted on 24 Jul 2024
According to market sources, ArcelorMittal is announcing increased prices for long products throughout Europe. The decision is motivated by rising production costs and the need to regain profitability, Kallanish hears.
According to market participants, the steelmaker is increasing its prices for all commodity grade longs, such as rebar, beams, and wire rod, by €20/tonne ($21) above its June quotes. According to a source, the rise in costs of electricity across Europe and of ferroalloys have significantly affected production expenses. According to his analysis, demand is at a favourable level and sellers in Europe have observed a resurgence of apparent demand in July. Customers are fulfilling their restocking requirements ahead of the August shutdown in various EU countries.
The increase will take effect immediately. Prices have seen a significant 25% increase from May to June, and it is anticipated that this upward trend will continue into July.
Source:Kallanish
