Market participants believed that domestic HRC prices in the region have reached “bottom”. As a result, rumours have been circulating in the market that ArcelorMittal would announce a price rise for coil early in this current quarter.
The steelmaker, however, declined to comment on the possibility of an offer increase, although it did note that the “general market context is improving fast”.
The possible price increase is supported by a degree of recovery in the international market for flat steel products, higher raw material prices, and the positive effects of an upcoming decision in the EU’s anti-dumping case into HRC from five countries, market sources said.
“ArcelorMittal is likely to announce the price increase by the end of this week, which is their regular strategy at the beginning of each quarter,” a trader said.
“Higher offers from ArcelorMittal would be good news for us,” a representative of a European mill said, “but I have not heard any higher offers yet.”
The European Commission (EC) is expected to announce definitive duties on imports of HRC from Russia, Ukraine, Brazil, Iran and Serbia a couple of months before the deadline date of October 6 this year, according to market sources.