European long steel producers cut output to manage skyrocketing energy costs

The spikes in electricity and natural gas prices have forced some European long steel producers to make output adjustments to be able to manage surging costs, sources told Fastmarkets.

Spot prices for electricity and natural gas across Europe have increased sharply in October and are expected to remain volatile until the end of the year at least.
Notably, steelmakers claim that electricity prices in Europe jumped to about ?,?150-230 ($173-266) per MWh in October, while in November it could be ?,?250-300 per MWh. This is sharply higher than last year's electricity price of ?,?50-60 per MWh.

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