NLMK Indiana, NLMK Pennsylvania (former Duferco Farrell mill) and Sharon Coatings in an email to their customers announced a second wave of flat rolled steel price increases. The new increase is $40 per ton ($2.00/cwt) and is effective immediately. This increase is on top of the $60 per ton announced two weeks ago.

The total increase, if collected, is $100 per ton and should take hot rolled pricing above the $700 per ton level and could range as high as $740-$760 depending on the starting point for any particular customer.

Below is a copy of an email message seen by Steel Market Update:

“Lead times have now extended into October on all products and order intake continues at a strong rate. Raw material costs remain at high levels and margins are below acceptable levels.

Therefore, effective immediately prices for new orders on our entire product line are increased $40 per ton. This is in addition to our previously implemented $60 increase.”

These are announced price increases, and do not necessarily reflect collective transactional prices. Steel Market Update will continue to monitor all pricing changes in the marketplace and will advise as we receive more updates. Our next newsletter will be published Sunday evening where we will discuss more of these issues. Click below for your Free Trial or to Subscribe.