EU plate prices jump on rising production costs, strong demand

Europe's domestic prices for heavy plate rose sharply in the week to Wednesday November 3 due to strong demand and surging production costs, sources told Fastmarkets.

Energy prices have increased substantially across Europe, adding pressure on steel prices. A number of producers that have long-term agreements for electricity will have to renegotiate new contracts starting in January 2022, sources said.
"The rising slab prices combined with the energy issue seem to change the game in plate in Europe," a German distributor said.
"Some mills are implementing [an] energy surcharge, others are just announcing 'something to come and Italian rerollers, pragmatic as usual, are just [increasing] the base prices," he said.

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