NEW YORK Majestic Steel USA Inc. has raised its prices effective immediately due to higher pricing from steelmakers.
"The price change is a direct result of the increases being passed down from our suppliers," the Cleveland-based service center said in an Oct. 15 letter to customers. It cited steel mill pricing as high as $39.50 per hundredweight ($790 per ton) for cold-rolled coil and $40.50 per cwt ($810 per ton) for hot-dipped galvanized product that has been attributed to raw material costs, planned line maintenance and low marketplace inventories.
"These increases represent the fourth round of steel mill increases since this markets bottom," according to Majestic Steel.
While Majestic Steel didnt state a specific value for its increase, it will vary by product, location, industry and previously quoted pricing levels, a company source said.
Earlier this month, steelmakers initiated a fresh round of price hikes that has gained some traction (amm.com, Oct. 11).
Majestic Steel distributes a number of coated products, including galvanized, galvannealed, galvalume, aluminized, cold-rolled and prepainted material, according to its website.