IRON and STEEL
ArcelorMittal has raised its offer across Europe on the back of firm import offers, raw materials and extended lead times.
The company is targeting €500/t ex-works base for hot-rolled coil with immediate effect in northwest Europe and €480/t ex-works in the south and east of the continent. The increase will apply to March deliveries onwards. It represents a €50/t-plus jump from realised spot transactions and includes ArcelorMittal's Taranto plant.
As Argus has reported all week, there is an unsustainable gap between third-country import offers and domestic pricing. Imports have been at a €30-40/t premium to domestic, which is a reversal of the trend in which European material is normally above overseas coil. Import offers into the north have been €480/t cfr and above, while Argus' weekly cif southern Europe assessment was €467.50/t yesterday. In comparison, the daily domestic Italian index was €432/t ex-works today, up by €0.75/t.
Argus' daily northwest Europe index nudged up by €0.25/t today to €441/t ex-works.
The mill has already received higher levels, after offering at €460-470/t ex-works in the north this week, customers said.
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