ArcelorMittal and SSAB on Friday joined the Nucor-led push for higher steel plate prices.
ArcelorMittal in a letter to customers announced a $30/st increase on carbon-as rolled plate and a $40/st increase on alloy and heat-treated plate, effective immediately.
In the letter, ArcelorMittal said the increases were "required to continue our efforts to restore a fair value for these products."
SSAB raised its as-rolled, cut-to-length plate greater than 72 inches wide and its hot-rolled coil greater than 72 inches wide by $30/st. It also increased normalized and quenched-and-tempered plate prices by $40/st.
The moves come after Nucor on Monday increased its carbon and alloy plate prices by $30/st and its heat-treated plate by $40/st, also effective immediately.
One service center source said plate mills are taking a well-calculated risk in raising prices in the current import environment.
"With the extended lead times and scrap [prices] on the rise, they might as well try," he said. "Domestic inventory levels are still relatively low. The balance of the past increases have not made their way in full to service centers so, worst case, this announcement will keep prices level."
A second service center source said imports were a secondary consideration for ArcelorMittal and SSAB.
"They are concerned about imports, but I think their major hesitancy was based on pessimism that Nucor wasn't serious about passing the increase on to customers," he said. "I believe they've determined from talking with many customers over the past few days that Nucor is in fact very serious, so they decided it was best to follow."
Nucor taking the lead was not surprising, he added.
"I think they all have different internal dynamics from month to month that will increase or decrease their desire to be the one that leads or follows," he said. "But at the present time, Nucor's lead time is definitely the strongest and today they are calling the shots ... ."
Platts daily assessment for A36 commodity plate held Friday at $845/st ex-works southeastern US mill.
