ArcelorMittal is expected to start communicating to its clients this week that new coil offers are increasing again. Hot rolled coil offers for northern Europe and the Iberian Peninsula are set to be sent out at €1,000/tonne ($1,205) ex-works base, Kallanish notes.

The last price increase was announced just last week, but in recent months the market has become accustomed to seeing offers increasing each week. The latest hike to be implemented this week will raise levels by a further €30/t.

ArcelorMittal’s new offers for cold rolled and hot-dip galvanized coil are expected to reach €1,150/t base ex-works.

Supply shortages, demand recovery and the persistent lack of import competition are contributing to the price rally. According to the latest data from the European Commission system to track safeguard duties usage, quotas for Indian HRC were exhausted during the first week of becoming available in early April. Quotas for Ukrainian CRC have since also been exhausted.