MetalBiz reported that ArcelorMittal plans to adjust up the steel prices in the third and fourth quarter due to the gradually steady demand till now.
Last week, ArcelorMittal succeeded advancing the European plate prices to rise by EUR 30 per tonne and the US plate prices up by USD 100 per tonne.
Mr LN Mittal CEO of ArcelorMittal said that he hope to further increase the spot prices in the third and fourth quarter. Mr Aditya Mittal CFO of ArcelorMittal thinks that even though the spot prices go up in general, but the influence from the lower long term contract prices and index base prices, the average prices in the third quarter will keep stable and even dropped slightly.
The long term contract prices is made out according to the prices of iron ore and coke, and therefore the steel long term contract prices may slide, which leads to the lower steel prices, but to the fourth quarter of 2009 or the first quarter of 2010, the long term contract prices are likely to remain at the spot prices, even higher.