Steel Mills
Algoma Increases HR, CR and Plate Prices $40/Ton
Written by Michael Cowden
March 5, 2021
Algoma Steel Inc. aims to raise sheet and plate prices by $40 per ton ($2/cwt) effectively immediately for new spot orders.
The price hike applies equally to hot-rolled coil, cold-rolled coil, as-rolled plate and heat-treated plate, the Canadian flat-rolled steelmaker said in letters to customers on Friday, March 5.
Published extras will also be applied to new orders, the company said.
“We reserve the right to review and re-quote any offers that are not confirmed with either an Algoma sales acknowledgement or written acceptance by both parties,” Algoma said.
Sault Ste. Marie, Ontario-based Algoma makes hot-rolled and cold-rolled sheet as well as plate. The mill has annual capacity of approximately 2.8 million tons per year, according to its website.
Algoma is an important supplier not only to the Canadian market but also to the U.S. Midwest and Great Lakes regions.
Steel Market Update does not track Canadian sheet and plate prices. But prices in Canada tend to trend with those in the U.S. once adjusted for currency differences.
SMU’s benchmark hot-rolled coil price stands at $1,240 per ton ($62/cwt), up 7.8% from $1,150 per ton a month ago and up 22.8% from $1,010 in early January.
Cold-rolled coil prices are at $1,420 per ton, up 7.6% from $1,320 per ton a month ago and up 26.8% from $1,120 per ton in early January.
SMU’s plate price is at $1,095 per ton, up 7.9% from $1,015 per ton a month ago and up 24.4% from $880 per ton in early January.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
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