Corus has increased transaction prices for reversing mill plate prices by £80 per tonne on all new orders from April 23.
The increase is driven by the continued increases in raw material costs and increasing demand for steel plate, particularly in Northern Europe. Corus raised reversing mill plate prices by £60 from February 7 and by another £60 from March 22.
Martin Maley, Commercial Director Long Products, said: “Demand for reversing mill plate has improved markedly in all regions, with Northern European markets showing strong and sustained demand. This comes at a time when inventory in supply chains across the globe has been depleted to levels at, or below, current demand.
“As a consequence of low inventory levels, and increased demand, mill lead times have also extended significantly during 2010. At the same time steelmakers are facing increased production costs relating to continued upward movement in raw material costs.”
Corus has written to its plate customers to inform them of the price increase.
Corus is Europe's second largest steel producer. With main steelmaking operations primarily in the UK and the Netherlands, Corus supplies steel and related services to the construction, automotive, packaging, mechanical engineering and other markets worldwide.
Corus is a subsidiary of Tata Steel, one of the world’s top ten steel producers. The combined enterprise has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents.
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