British Steel has hiked its prices for structural steel sections by £50/tonne ($68) for all new orders with immediate effect, an informed source tells Kallanish.
The move is thought to be the result of a further increase in production costs. The steelmaker last hiked sections prices by £30/t in November due to rising production costs (see Kallanish passim). It also reduced output of the products. A month earlier the firm implemented a £25/t surcharge for energy costs plus $5/t for transport.
British Steel produced 2.6 million tonnes of liquid steel in 2020 following its acquisition in March of that year by China’s Jingye Group. The steelmaker recently unveiled its “Low-Carbon Roadmap”, which involves adopting the use of hot-briquetted iron and scrap in the iron making process. It recently increased the amount of scrap used in the integrated steelmaking route and plans to further grow this by 2023. It is also assessing the possibility of electric arc furnace steelmaking.
Adam Smith Germany