Steel producer ArcelorMittal South Africa announced on Monday that its flat steel prices would rise by between 2% and 4% in October, while its long steel product prices would remain unchanged.

“International steel prices are continuing to pick up momentum but these gains are somewhat offset by the continued strong performance of the rand against the US dollar,” the company said in an emailed statement.

ArcelorMittal South Africa has, since the middle of the year, introduced steady increases in steel prices, after prices fell by more than 60% at the onset of the global economic crisis in September last year.

The steelmaker had increased its prices by between 3% and 5% in July and August, while only some of its flat steel product prices had increased by between R250/t and R750/t, in September.

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