ArcelorMittal (NYSE:MT) has raised its official hot-rolled coil offer by €100/ton to €1,400/ton across Europe, capping €430/ton in increases for HRC since the beginning of March, Argus Media reports.
ArcelorMittal also is targeting €1,500/ton for cold-rolled coil and €1,550 for hot-dip galvanised, both also €100/ton higher since March 10, according to the report.
Production costs have increased in recent weeks while stabilizing somewhat this week, Argus says.
The European Commission said Tuesday that safeguard quotas on steel products from Russia and Belarus would be redistributed among other exporting countries, which Argus says may help to ease some of the supply-side price pressures.
ArcelorMittal said this week that sanctions on Russia affect sourcing of raw materials at operations in Ukraine and markets for sales by other operations in the former Soviet states that generated $4.1B in sales last year.