Steel Mills
Canada's ArcelorMittal Dofasco Follows Nucor, Raises Sheet Prices
Written by Michael Cowden
August 11, 2022
Canadian steelmaker ArcelorMittal Dofasco aims to increase spot market base prices for steel sheet by at least $65 per ton CAD (~$50 per ton USD).
The Hamilton, Ontario-based company said the price hike was effective immediately and applied equally to hot-rolled, cold-rolled and coated products.
“We reserve the right to re-quote any previously quoted offer that is not confirmed with either an ArcelorMittal Dofasco order acknowledgement or written acceptance by both parties,” the company said in a letter to customers dated Wednesday, Aug. 10.
Dofasco is a subsidiary of Luxembourg-based ArcelorMittal SA. Its price hike attempt follows a leading move by Charlotte, N.C.-based Nucor Corp., which aims to increase sheet prices by $50 per ton USD.
Other steelmakers have verbally supported the move even if they have not officially announced price hikes of their own in writing, market participants said. It remains unclear whether the increases will stick, some said.
Steel Market Update’s hot-rolled coil price stands at $820 per ton, up a modest $15 per ton from a week ago but down 45% from a recent peak of $1,480 per ton in late April.
By Michael Cowden, Michael@SteelMarketUpdate.com
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