Mittal Steel South Africa has announced plans to hike its prices for certain long and flat steel products as of May 1, 2007, in an effort to fill the gap between its prices and international prices.
The company stated that the fact that it has not made any revisions in its prices for the last two months, when international prices have increased up to twenty percent, has necessitated a price adjustment.
Accordingly, the producer's price of hot rolled and cold rolled coil will increase by seven percent and two percent respectively, while the price of plate will increase by ten percent, as of May 1, 2007.
The prices of hot dip galvanized and color-coated galvanized products will remain unchanged.
With regard to long products, the price of alloy steel will not change, while the price of all other long products will increase by five percent except for rebar for construction, which will increase by ten percent.