SSAB Americas has announced plans to increase plate prices by at least $60 per ton ($3 per cwt).
The price hike applies equally to as-rolled, normalized, quenched-and-tempered, and wide cut-to-length plate products. It is effective immediately on all new, non-contract orders confirmed to ship the week of March 5 or later, the company said in a letter to customers on Wednesday, Jan. 18.
SSAB said the increase is in addition to the March raw material surcharge set to be announced on Thursday, Feb. 16. Published extras, regional freight premiums, and non-preferred freight mode extras will be applied.
Recall that SSAB implemented a raw materials surcharge, or RMS, in March 2022, following the outbreak of the war in Ukraine, which temporarily drove scrap costs sharply higher.
The steelmaker said it reserves the right to requote any open offers not confirmed by an SSAB order acknowledgement. However, all other terms and conditions of sale remain unchanged.
SSAB also aims to increase plate prices in Canada by Canadian $80 per ton, according to a letter to customers there also dated Jan. 18.
SMU’s plate price stands $1430 per ton. It has been roughly at that level since early December, according to our pricing tool.
SSAB Americas is a subsidiary of Swedish steelmaker SSAB. The company operates plate mills in Mobile and in Montpelier, Iowa.
By Ethan Bernard, Ethan@SteelMarketUpdate.com
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