NAS led the increase on September 20, followed by Calvert, Alabama-based Outokumpu on September 21.
Both producers raised cold rolled 200-, 300- and 400-series products via a two-percentage-point reduction in the functional discount. Prices for 3/16-inch thick and greater continuous mill plate (CMP) will rise by $40 per ton (2 cents per pound), while those for CMP of less than 3/16-inch thicknesses will increase by $80 per ton (4 cents per pound).
The increases are necessary “due to further rising manufacturing and operational cost,” according to Ghent, Kentucky-based NAS.
NAS and Outokumpu are the two largest domestic stainless mills in the USA, and set the tone for pricing and market dynamics in most commodity stainless grades, according to market sources.
This marks the second round of increases in recent months; major US stainless steel producers raised base prices for flat rolled stainless products in September as well, and market participants said that domestic stainless buyers have thus far accepted those increases.
Universal Stainless & Alloy Products and Carpenter Technology Corp have also increased base prices for non-contract stainless products, which are set to take effect in late September and early October.