Scrap costs spur $25/T bar product hike for February
Dec 17, 2007 | 12:09 PM
| Scott Robertson
Rapidly rising scrap costs are driving U.S. producers of reinforcing and merchant bar products to seek price hikes of $25 a ton, effective with Jan. 1 shipments.
At the same time, an overall lack of imports of reinforcing bar is leading producers to end the "foreign fighter" deduct on rebar, effective Jan. 1, a move that could result in prices increasing about $30 to $40 a ton more.
"There is hardly any import coming in," one industry source said. "Removing that deduct will result in prices increasing by $30 or $40 ($1.50 to $2 per hundredweight) after the first of the year."
Nucor Corp., Charlotte, N.C., Commercial Metals Co., Dallas, and Gerdau Ameristeel Corp., Tampa, Fla., have all informed customers of their intent to increase prices, saying rising input costs are a key factor.....
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