Severstal North America (NA) raised prices today by $50 per ton ($2.50/cwt) based on our calculations.

In an internal memo the company provided the reason for the increase as being, “Current business conditions continue to be stronger than anticipated as demand in our major markets improves. As a result of this demand, combined with the continued increase in the cost for input materials, Severstal North America will adjust base prices effective immediately on all new orders entered after 6 PM 2/11/2011.”

Steel Market Update will provide the specific base prices provided by the mill to their customers in our SMU newsletter which will be published later this evening.