Corus Strip Products UK, Europe's second largest steelmaker and subsidiary of India's Tata Steel, has announced a minimum hike of €130/mt in its base prices for quarterly contracts in continental Europe, with effect as of July 1, 2008.
According to the announcement made by the company, the price hike is attributable to the tight market conditions as well as the cost increases seen in raw materials.
The company will enter into discussions with its customers to share opinions about the consequences of the extraordinary cost hikes regarding the current annual contracts.