European steelmakers are returning to the market after the summer break with higher coil offers for October and November deliveries.

Market sources confirm that ArcelorMittal has given notice since last week that its HRC offers are at €800-850/tonne ex-works base for European clients. The Kallanish price assessment for northern Europe HRC currently stands at €750-820/t ex-works base.

For hot-dip galvanized coil, ArcelorMittal’s new offers are pegged at €930-980/t ex-works base.

It is still unclear whether these new prices will be accepted by the market, but most sources confirm coil products have been at or near bottoming since July. In recent months, European suppliers of flat products have reduced their output in order to align supply with demand. These cuts should have an effect on prices from September onwards.

European steelmakers last increased offers in March, on various occasions, as a consequence of the uncertainty following the Russian invasion of Ukraine.