ArcelorMittal USA will increase the price of its light steel plate and sheet products by US $40 / short ton, and the new steel price will take effect immediately.
Other U.S. steel companies are expected to follow suit, sources said. The new steel price after this increase is applicable to all new orders not confirmed by ArcelorMittal. A few hours after ArcelorMittal's announcement, NLMK America took the same approach, informing its customers that the base price of spot orders for all steel products rose by $40 / short ton, with immediate effect.
A week ago, many people in the market expected that the price of steel plates would rise, but the specific time of price adjustment is still uncertain. Other U.S. steelmakers, including Nucor, will also announce their own steel price hikes or signal support for them in the next 24 hours, market sources said. Hot rolling steel prices in the United States have fallen about 20% since August, reaching a three-year low.
