Corus Long Products is to increase transaction prices for reversing mill plate by £60 per tonne, effective on all orders received from March 22.
The increase is in addition to the £60 per tonne rise that was introduced on reversing mill plate from February 7 following the general Corus Long Products price rise announcement at the end of January.
This and other price rises that Corus Long Products is preparing to introduce on its product range during the second quarter are a consequence of significant changes in the reversing mill plate and general steels markets, principally in the form of rising input costs caused by availability constraints. In addition, global reversing mill plate supply chains have destocked and inventories are now considered to be in balance.
Martin Maley, Director Commercial Long Products Business, said: 'With rapidly rising costs, steelmakers’ working capital requirements are mushrooming and already meagre margins are being eroded. Passing on these cost increases, despite the fragile market recovery, is a must for the steel industry, given the raw materials stranglehold.”
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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