The American division of global steel producer JSW Steel has announced a price increase of at least $40 per short ton for thick-gauge rolled steel. According to a letter to customers, the new prices took effect immediately for all non-contract orders. The letter was sent to customers on November 7.
JSW Steel USA, headquartered in Beathown, Texas, specified that the price increase applies to both hot-rolled and normalized steel plate. The company noted that all existing surcharges remain unchanged.
The average market price for thick-gauge rolled steel in the US is currently around $1,000 per short ton, which is $10 more than a week earlier, according to Steel Market Update. Thus, JSW Steel USA’s decision is in line with the general trend of gradual price increases in the flat-rolled steel segment amid stable demand.
JSW Steel USA owns a slab and hot-rolled coil mill in Migo Junction, Ohio, as well as a facility in Baytown that produces thick plate, pipe, and tubular products.
The latest increase was a continuation of the policy of US steel producers, who are adjusting prices in response to rising costs, fluctuations in demand, and the need to maintain profitability amid a volatile market. In particular, two large US steel companies, Nucor and Gerdau Long Steel North America, increased the price of all types of rebar by $30 per short ton for new orders received after November 7.
Nucor also raised its weekly spot price for hot-rolled coil for the third time in a row. As of November 11, the base price is $895/ton, and at the California Steel Industries plant, it is $950/ton.