SSAB Americas raises prices for flat steel products by at least $60/t

The American division of Swedish steel company SSAB has announced its intention to raise prices for all products by at least $60 per short ton. As the company said in a letter to customers on September 26, the new prices will take effect immediately for all new orders outside of contracts that are to be shipped starting November 2.

The company also specified that it will begin accepting spot orders for November deliveries this week and confirmed that it will continue to apply existing surcharges, regional transport premiums, and additional costs for the use of non-priority modes of transport.

SSAB Americas is a subsidiary of Swedish steel producer SSAB and owns rolling mills in Mobile, Alabama, and Montpelier, Iowa.

According to Steel Market Update estimates, the average price for sheet metal in the US is currently $960 per short ton. This is $70 lower than in August, when the price was $1,030, and $250 less than this year’s peak of $1,210, recorded in April.

SSAB’s new move comes amid a market price slump that has continued in recent months. The company is seeking to stabilize its margins and prepare for the end of the year, when orders in the construction and engineering sectors are expected to pick up.

As a reminder, in August, the global hot-rolled coil market developed unevenly. European prices rose due to expectations of regulatory changes, while the US saw a decline due to weak demand and excess supply. The Chinese market remained relatively stable, with minimal price declines amid high inventories and sluggish exports.