Friday, 28Jan, 2011
London: Tata Steel Europe said Friday it will raise the sale prices on structural sections in the UK by GBP95/mt ($151/mt), citing higher coking coal and raw material costs affecting the business.
Effective on all deliveries from March 6, the increase follows a GBP50/mt price increase the company announced late last year for the period starting January 2.
"The recent extreme flooding in Queensland has led to spot prices in coal and other raw materials markets, which were already suffering from chronic structural supply side constraints, to rise beyond anticipated levels," Mick Maloney, Tata Steel commercial manager for sections, said in a statement. "The steel supply chain has no choice but to take robust action to recover these rapid increases in raw materials costs."
Tata Steel said in December that lower inventories led it to make its prior price increase as it took action before an expected upswing in demand in the usually more active construction season starting at the end the first quarter. (sourced:Platts)
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