Canadian integrated steelmaker Stelco has increased its flat-rolled steel prices by C$80/short ton (st) ($59.10/st).
The Ontario-based steelmaker is raising prices on all non-contract transactions, effective immediately. The announcement does not give a minimum price target.
Stelco's move follows similar announcements by US-based steelmakers Cleveland-Cliffs and US Steel, which both increased their flat-rolled prices by $60/st on 28 November.
The US price moves flattened the Argus US hot-rolled coil (HRC) Midwest ex-works assessment this week as the market works to figure out where prices could be headed.
Steelmaker Nucor announced on 29 November it was dropping its plate prices by $140/st. Plate market participants have expected plate prices to fall, eventually coming more in line with HRC pricing, which plate has traditionally tracked closely.
Currently, the plate to HRC spread is $973/st, and HRC pricing has fallen by 60pc since the beginning of the year. Plate prices are down by 12pc in the same period.
