Author: Paul Ploumis
26 Aug 2014 Last updated at 02:11:28 GMT
SEATTLE (Scrap Monster): Major US steelmakers including Nucor, Arcelor Mittal and SSAB have announced price hikes for steel plates.

The price hike was led by Nucor, when it made announcement to this effect on Monday. The company had announced its decision to raise the carbon and alloy plate prices by $30 per short tonne. Also, Nucor had raised the price of heat-treated plate by $40 per st. The price hikes were implemented with immediate effect, as per reports.

Following Nucor's decision other major steelmakers including Arcelor Mittal and SSAB followed suit by announcing steel plate price hikes.

In a letter issued to customers, Arcelor Mittal announced that prices of carbon-rolled plates will be increased by $30 per st. Also, the prices of alloy plates and heat-treated plates were hiked by $40 per st. The letter states that price hikes were necessary to maintain the fair prices of these products.

Meanwhile SSAB also raised the prices of cut-to-length plates and hot-rolled coil plates with width exceeding 72 inches announced that by $30 per st. The normalized and quenched-and-tempered plate prices were also hiked by $40 per st.

The buyers are expected to accept the price hikes this time, noted industry sources.