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(AMM) Severstal NA to boost flat-rolled tags $30 per ton in February [UPDATE]

December 01, 2009 - 21:59 GMT Location: PITTSBURGH

KEYWORDS: Severstal North America , flat roll

In a leading move, Severstal North America Inc. has announced plans to increase flat-rolled product spot prices by an additional $30 per ton in February, and market sources indicate the tags will likely stick due to low inventory levels.

The Dearborn, Mich.-based producer has announced increases for the first two months of next year, pushing prices up a cumulative $50 per ton. The two-tier increase is necessary to cover raw material and input costs, Severstal said.

AK Steel Corp., West Chester, Ohio, and Nucor Corp., Charlotte, N.C., have both announced January sheet increases, but Severstal NA's announcement is the first hint as to where February pricing could be headed.

Hot-rolled sheet will rise to $520 per ton in January and to $550 in February. Cold-rolled sheet will increase to $620 and $650 per ton, respectively, for the two months.

For coated products, hot-dip galvanized prices will increase to $640 and $670...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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