NUE - Steel prices continue steady climb; fourth since late November

ArcelorMittal (MT) has increased its European hot-rolled coil offer to €730/ton for Q2 deliveries with immediate effect, up by €30/ton on its official offer at the end of last year, Argus reports.The price increase is the company's fourth since Nov. 19, amounting to a cumulative jump of €180/ton.Separately, in North America, Commercial Metals (CMC), Nucor (NUE), Steel Dynamics (STLD) and Gerdau (GGB) all announced $50/ton increases on rebar transaction prices, effective immediately.The moves mark the fourth round of rebar price increases since late November, with the four announcements now totaling $185/ton.Market participants had anticipated further price hikes given expectations of firmer scrap pricing in January, according to Platts.U.S. Steel surged 9% in today's trade after Deutsche Bank upgraded the stock to Buy from Sell with a Street-high $28 price target.

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Steel prices continue steady climb; fourth since late November