15 Apr 2014 NEW YORK (Scrap Monster): Allegheny Technologies Incorporated (ATI) –one of the major stainless steel producers in the US have announced price hikes on stainless steel products for May shipments.
US based ATI Allegheny Ludlum announced price hikes by reducing the functional discount of 2% points. The rise in prices will be applicable for 200 and 300 series grades of stainless steel products and ATI 430 alloy products. According to company release, the price hike will become effective May 5th onwards.
The following products will be subject to price hike-cold rolled sheet, strip and precision-rolled strip forms, hot rolled and cold rolled tubular quality sheet and strip products, and bright annealed and tempered sheet, strip and precision rolled strip, according to ATI.
The Pittsburgh based specialty steel producer stated that they are being forced to hike the product prices to offset the cost of continued investment in the steel sector to cater to the increasing demand from domestic and overseas market.
It is assumed that other stainless steel makers will also follow suit.