South Africa's largest steel producer ArcelorMittal South Africa would roll over its November prices into December, the company confirmed on Monday.

The JSE-listed producer cut some of its prices from November 1, 2009. These were the first to be instituted since the group's prices started recovering again from July, following a protracted period of cutbacks that saw some of its prices retreat by more than 60% from their 2008 highs.

As from November, the company reduced its rebar and wire rod prices by 3,5%, while the balance of its long-steel prices remained unchanged.

In the flat-steel environment, plate prices fell by around 5%, while other product prices were rolled over from their October levels.

The 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 rand, which has been one of the best performing in the world this year, is likely to have again played a major role in determining the group's December prices.