In a letter to customers, flat-rolled steelmaker NLMK USA announced that it will increase base prices on new orders of all products by a minimum of $1.50 cwt. ($33/mt or $30/nt) and reserves the right to re-quote any unconfirmed offers.
NLMK attributed the increase to continued strength in energy, agriculture, heavy equipment and automotive markets. Steel distributor shipments have increased and construction activity is gradually improving. NLMK added that its lead times are entirely into middle to late April for all products, with the exception of specialty high carbon and alloy products, which are into May.
NLMK's announcement comes after both Fontana, California-based California Steel Industries and Nucor Corporation announced similar $1.50 cwt. increases Thursday. AK Steel was the first to initiate the new round of price hikes Wednesday, raising prices $2.50 cwt. ($55/mt or $50/nt) effective immediately on hot rolled, cold rolled, and galvanized steel products.