ArcelorMittal is further increasing its hot rolled coil offers across Europe, market sources tell Kallanish.

Since the beginning of November, the steelmaker has applied a series of increases to its official HRC quotes, as a consequence of recovering international prices, firmer raw materials costs and better order book visibility going into 2024.

This week, sources in the market are reporting that the mill is offering HRC to the German market at €750/tonne ($823) ex-works. In the Italian market, offers are at €740/t ex-works. These latest offer levels indicate an increase of some €20-30/t from the previous levels heard at the beginning of December, and a hike in excess of €100/t since the uptrend began at the end of October.

According to Kallanish price series, HRC spot prices in northern Europe reached €620/t ex-works at the end of October, their lowest level since the end of 2020. Since then, transactions have recovered some €60/t. More increases are expected to be confirmed by new transactions in the coming weeks.