The European holiday season in late July and August led to a significant slowdown in strip mill market activity. Generally, prices have held steady through the summer. More recently, ArcelorMittal announced the intention to raise product values by 20 euros per tonne, for all new business to be delivered in the final trimester. The initiative is mainly driven by better mill order books and declining competition from third country importers, as a result of the weaker euro. Most October business has already been settled at the old prices. It remains to be seen whether the increase can be imposed for the remainder of the quarter. Most buyers believe that current consumption is not strong enough to support an advance, particularly as the producers' raw material costs are reducing.
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