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| Hot-Rolled Coil |
ArcelorMittal's price hike drives Nordic increases as global trends diverge
Prices for hot-rolled coils (HRC) in key global markets diverged in early April, with modest gains in Europe and India and stable pricing in the US and Japan, according to Kallanish and local trade sources.
ArcelorMittal Pushes Nordic HRC Prices to €720/t
In the Nordic region, HRC prices rose by €10/tonne, reaching €720/t EXW by April 11. The increase follows ArcelorMittal’s move to raise offer prices by €20/t, setting April delivery prices at €700/t EXW.
Despite the price hike, traders report weak demand, suggesting real transaction levels hover closer to €680/t EXW. While mill offer increases signal pricing discipline, subdued buying interest limits gains.
US Market Holds Steady at $1,162/t
In the United States, HRC prices remained flat at $1,162/t EXW through the first half of April. Factory delivery schedules are stable, reflecting steady but unspectacular demand. No price momentum is currently building in either direction.
Japanese HRC Prices Stagnant as Baosteel Freezes Offers
In Japan, hot-rolled coil prices held steady at $620/t FOB from April 1 to 11. The stagnation aligns with Baosteel’s decision not to raise flat product prices for May deliveries. As the region’s dominant producer, Baosteel’s pricing guides market behavior, limiting the scope for price movement among other suppliers.
India Sees $12/t Price Bump, but Growth May Stall
In India, HRC prices rose by $12/t, reaching $677/t DDP amid strong automotive demand at the start of the new fiscal year. Maruti Suzuki, India’s largest automaker, reported a 21% y/y surge in March sales, boosting steel sentiment.
However, April may mark a slowdown, with 39% of dealers expecting fewer car sales, according to the Federation of Automobile Dealers (FADA). Further price hikes could be constrained.
The Indian government is also reviewing protections for MSMEs that rely on affordable steel, especially if safeguard duties on imports are imposed.
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