ArcelorMittal raises flat steel price offers for third time this month - Platts
Mar. 26, 2021 2:38 PM ETArcelorMittal S.A. (MT), X, CLF, NUE, STLD, SLXNUE, MT, X, STLD, CLF, SLXBy: Carl Surran, SA News Editor20 Comments
- Steel stocks are marching higher as ArcelorMittal (MT +7.0%) raises prices for hot-rolled coil offers to €900/mt and hot-dipped galvanized offers to €1,500/mt across Europe, S&P Global Platts reports.
- The fresh increase from €850/mt for HRC and €970/mt for HDG is the third this month and comes just a week after the last price hike, as Europe continues to cope with demand that is outpacing supply and no cheap import offers.
- Also: X +8.2%, CLF +6.9%, NUE +6.6%, STLD +4.8%, SLX +3.4%.
- Steel supply and demand have been off balance since Q3 2020, as rising demand after pandemic-related closures outpaced the mills' ability to ramp up.
- Separately, Reuters reports ArcelorMittal is looking for partners and public funding for cleaner steelmaking in its German operations.
- The company recently launched a fund that aims to invest $100M annually to support breakthrough technologies to curb carbon emissions from steelmaking.