Allegheny Technologies Incorporated, a major producer of stainless steel in the US, has announced that for the month of the May there will be price increases on all stainless steel products that will be shipping that month.
The price hikes were made by reducing the functional discount of two percent. The price increase will be applicable for both 200 and 300 series grades of stainless steel as well as ATI 430 alloy products and will be effective as of May 5, 2014. Specific products affected by the increase include cold rolled sheet, strip and precision-rolled strip forms, hot rolled and cold rolled tubular quality sheet and strip products and bright annealed and tempered sheet, strip and precision rolled strip.
ATI maintains they are being forced to raise their product prices to offset the cost of continued investment in the steel sector to cater to increasing demand from domestic and overseas market. Industry insiders believe that other stainless steel makers will also follow suit.