Steel Mills

Algoma Increases HR, CR and Plate Prices $40/Ton

March 5, 2021

Algoma Steel Inc. aims to raise sheet and plate prices by $40 per ton ($2/cwt) effectively immediately for new spot orders.

The price hike applies equally to hot-rolled coil, cold-rolled coil, as-rolled plate and heat-treated plate, the Canadian flat-rolled steelmaker said in letters to customers on Friday, March 5.

Algoma Published extras will also be applied to new orders, the company said.

“We reserve the right to review and re-quote any offers that are not confirmed with either an Algoma sales acknowledgement or written acceptance by both parties,” Algoma said.

Sault Ste. Marie, Ontario-based Algoma makes hot-rolled and cold-rolled sheet as well as plate. The mill has annual capacity of approximately 2.8 million tons per year, according to its website.

Algoma is an important supplier not only to the Canadian market but also to the U.S. Midwest and Great Lakes regions.

Steel Market Update does not track Canadian sheet and plate prices. But prices in Canada tend to trend with those in the U.S. once adjusted for currency differences.

SMU’s benchmark hot-rolled coil price stands at $1,240 per ton ($62/cwt), up 7.8% from $1,150 per ton a month ago and up 22.8% from $1,010 in early January.

Cold-rolled coil prices are at $1,420 per ton, up 7.6% from $1,320 per ton a month ago and up 26.8% from $1,120 per ton in early January.

SMU’s plate price is at $1,095 per ton, up 7.9% from $1,015 per ton a month ago and up 24.4% from $880 per ton in early January.

By Michael Cowden, Michael@SteelMarketUpdate.com

Michael Cowden

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.