Africa's largest steel producer ArcelorMittal South Africa will roll over its prices for the third consecutive month in February, Engineering News has confirmed.

The company sustained its December prices into January, with those December prices having been rolled over from the price levels set back in November 2009.

In November, the steel giant made its first cuts in prices since July, a point at which domestic selling prices began recovering from their precipitous recession-linked declines of late 2008 and early 2009.

Prior to July, the price of the some steel products sold domestically fell by as much as 60% from the record levels achieved during the first half of 2008.

Spokesperson Sven Lunsche told Engineering News that the decision to hold prices into February was based on the fact that stronger rand was balancing out the effect of rising international steel prices.

The JSE-listed group sets its prices after analysing domestic selling prices in four markets (the US, Germany, Brazil and China) and then adjusting these to its expectations for the South African currency for the forthcoming month.

The South African currency was one of the best performing in the world during 2009, and has shown continued resilience during the first month of 2010.

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