UK-based steelmaker Corus, the European subsidiary of the Indian steel giant Tata Steel, has announced that it has increased its transaction prices for reversing mill plate by £60/mt on all new orders from June 4.
Accordingly, the price increase is driven by further rises in raw material costs and continued improvements in demand for steel plate.
Corus' commercial manager plates Paul Parkins said, "We have seen a sustained recovery in demand for reversing mill plate following the economic downturn, particularly in northern Europe and North America.
"Stocks in Europe are at low levels and we believe the pressure on supplies will continue to increase. Consequently, mill lead times have extended significantly this year.
"At the same time steelmakers are facing increased production costs relating to continuing upward movement in raw material costs. The weakness of the euro and sterling against the dollar is adding to these cost pressures." Mr. Parkins concluded.
Corus raised reversing mill plate prices by £60 from February 7, by £60 from March 22, and by £80 from April 23.