Steel Products

ArcelorMittal Raises Flat Rolled Price by $40

Written by Tim Triplett

Speculation that steel prices were near the bottom and the mills were contemplating a price increase has proven out as ArcelorMittal became the first to hike flat rolled prices today by $40 per ton. Other mills are expected to follow.

ArcelorMittal informed its commercial team today that it is raising base prices on light flat rolled sheet products, including hot rolled, cold rolled and coated products, by a minimum of $40 per ton, effective immediately. The increase is applicable to all new orders and recent quotations that have not yet been accepted by ArcelorMittal or AM/NS Calvert.

The last time ArcelorMittal raised flat rolled prices was July 22. Since then the benchmark market price for spot orders of hot rolled steel has declined by nearly 50 percent, from $915 per ton to the current $480.

SMU sources estimate the increase will put ArcelorMittal’s base price for HR around $26/cwt.

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