In a move which has to be considered as “in your face” AK Steel advised their customers of their intention to raise flat rolled spot prices by $30 per ton ($1.50/cwt). This is on top of the $40 per ton price increase announced by AK Steel on July 6th which was then followed up with another $40 per ton on July 27th. The three increases total $110 per ton ($5.50/cwt) since July 6th to today.

The AK Steel announcement, which can be viewed on the company website, did not provide any details as to the reasoning behind this latest increase. The company only informed their customers the new prices are to be effective “immediately.”

Steel Market Update will report on this increase announcement, reaction from buyers as well as the other domestic mills in tomorrow night’s edition of our newsletter.