US Steel Kosice pushes for price hike

Slovakian steelmaker US Steel Kosice has told buyers it will aim to raise prices across the coil suite by €60-70/t over the first half of 2020, starting with an immediate €25/t rise.

The company refused to confirm or deny such an increase.

Another central European producer was also heard to have raised prices. The mill slashed output earlier this year in light of waning demand in Europe, but raised production at the end of summer to reduce costs per tonne.

A third eastern European producer is understood to have announced a hike of €25-30/t, joining numerous northwest European and Italian mills.

The increases are primarily led by a rebalancing of supply across Europe as a result of production cuts. Surging slab and hot-rolled coil import prices are also lending support.

Most market participants see the uptick continuing throughout the first months of 2020, but some are concerned certain mills may try to take advantage of rapidly increasing prices and restart idled capacities.

By Lora Stoyanova