But prices have reached a “bottom”, according to market participants, who added that the market is likely to stabilize at the current level.
At the end of last week, Europe’s biggest flat steel producer ArcelorMittal announced that it had increased its offer prices for HRC across Europe
, effective immediately. The news was followed by Italian re-roller Marcegaglia announcing this week that it was raising its offer prices for hollow sections, coil and plate products
Other steelmakers, though they have not announced price rises, are less keen to give additional discounts to the buyers, according to market sources.
Domestic prices are also expected to be supported by reduction of flat steel output.