Northern European buyers have not settled deals at higher prices yet, because they have been processing the new offer levels. But domestic prices in the region were expected to pick up soon, according to market sources.
On December 3, ArcelorMittal announced offer rises for all coil steel products in Europe
by €40 ($44) per tonne, effective immediately.
The price rise was expected to gain support from a combination of lower output from domestic mills and higher import offers.
In addition, buying activity has started to recover because buyers that had been holding back from new deals in the third and fourth quarters, when domestic prices were falling, now...