ArcelorMittal announces €100/t increase in European long steel prices - sources

ArcelorMittal is increasing the price of its commodity long steel products in Europe by at least €100 per tonne to compensate for soaring gas and electricity costs, Fastmarkets understands.

Market sources reported that the company has introduced price increases for steel beams, rebar and wire rod. The increases will apply to all new price agreements.
The move follows the introduction of energy surcharges on its European long steel products in October in a bid to mitigate soaring gas and electricity costs, which have since continued to rise. 
Electricity prices have recently risen to €160-200 per megawatt-hour (MWh) from the normal rate of €55 per MWh. They had reached €250-400 per MWh at the time of the announced increases.
The forward prices range from €300-400 per MWh for the month ahead, while natural gas prices are currently €125 per MWh and are projected to remain at these high levels throughout the first quarter of 2022 - up from €20 per MWh.

As well as gas and electricity...

Published

Carrie Bone

Julia Bolotova

December 22, 2021

12:06 GMT

London, Dnipro