ArcelorMittal and SSAB on Friday joined Nucor and raised steel plate prices.
ArcelorMittal in a letter to customers announced a $30/st increase on carbon-as rolled plate and a $40/st increase on alloy and heat-treated plate, effective immediately.
In the letter, ArcelorMittal said the increases were “required to continue our efforts to restore a fair value for these products.”
SSAB raised its as-rolled, cut-to-length plate greater than 72 inches wide and its hot-rolled coil greater than 72 inches wide by $30/st. It also increased normalized and quenched-and-tempered plate prices by $40/st.
The moves come after Nucor on Monday increased its carbon and alloy plate prices by $30/st and its heat-treated plate by $40/st, also effective immediately.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.53) and a low price of CNY 830.00 ($134.90) per dry metric ton. The price of Chinese HRC saw little movement at CNY 3,380 ($549.36) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($225.92) per metric ton.
The cash price of steel billet held steady on the LME at $420.00 per metric ton. The 3-month price of steel billet remained essentially flat at $425.00 per metric ton on the LME.
For the fifth consecutive day, the 3-month price of the US HRC futures contract held flat at $645.00 per short ton. For the fifth day in a row, the US HRC futures contract spot price remained essentially flat at $675.00 per short ton.