The European steel market started slowly in 2022. With Epiphany falling towards the end of the first week of the year, many supply chain participants delayed their return to work to January 10.

  Consequently, purchasing activity levels were reduced. In contrast, mills were keen to reposition themselves for the new year, with increased prices.

  Several long product manufacturers reduced their selling values, in mid-December, to attract orders. However, continued elevated energy costs caused a change of strategy.

  New, increased, mill offers appeared at the earliest opportunity, in January. Southern European suppliers even interrupted their holiday, to make the price announcement, but officially remained closed. As a result, no immediate discussions were possible.

  Initial proposals, for supplies of long products, were for increases of approximately €100 per tonne, with a similar rise scheduled for February. Despite some early acceptance, reduced buying activity resulted in a slight downward correction, by the middle of this month, in several countries.

  Nonetheless, the MEPS January published figures indicate substantial increases, compared with those reported in early December.