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Tata Steel has announced a €55/t increase in steel coil prices effective 1 October in a letter to European customers.
The letter follows a similar one issued in the UK recently, and also suggests that European price levels are now among the lowest in major steel-consuming regions, while demand is returning more strongly than anticipated.
"We are fully committed to being a long term partner to your business that creates value for you, but the continuation of the current low returns will ultimately prevent us from maintaining necessary levels of investment in our businesses and supply chains," the letter said.
The letter also alludes to rising costs, particularly of iron ore, which have squeezed margins.
Argus' domestic northwest European hot-rolled coil index was €408.50/t yesterday, up from €384.50/t towards the end of June.
Tata rarely announces increases in continental Europe via letters. Customers suggest the company wanted to give them time to think over the quieter August trading period, as they contemplate purchasing strategies for later in the year.
Source: Argusmedia
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