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Corus Increases Engineering Steels Prices
09/25/2009 - Corus announces price increases on engineering steels, wire rod, bar, and narrow strip as apparent demand improves and as destocking comes to an end.
Corus recently announced price increases on engineering steels, wire rod, bar, and narrow strip. The company notes that apparent demand has improved from recent low levels as destocking has come to an end.
On domestic and overseas deliveries of these products from October 1, Corus will increase base prices and put into effect revisions to prices for size extras, extra processing, and services. The price increases, which Corus will discuss with customers on an individual basis, will depend on the product and pricing structure. The base price increase range will start at €50 per tonne and go up to €200 per tonne for some high-value steels.
"The reductions in scrap and alloy surcharges as commodity prices dropped over the last 12 months have provided real value to customers at a difficult time in the market,” said Peter Hogg, General Manager of Specialty Steels. “The engineering steels sector worldwide has witnessed significant price erosion due to the weak market conditions, and the improved conditions now support price corrections taking place."
Corus is Europe's second largest steel producer and is a subsidiary of Tata Steel, one of the world’s top 10 steel producers. With main steelmaking operations primarily in the U.K. and the Netherlands, Corus supplies steel and related services to the construction, automotive, packaging, mechanical engineering, and other markets worldwide. The combined enterprise has an aggregate crude steel capacity of more than 28 million tonnes and about 80,000 employees across four continents.
