Rising scrap costs spur $25/T bar product hike for January
Dec 17, 2007 | 02:16 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" deduction on rebar effective Jan. 1, a move that could result in prices increasing another $30 to $40 a ton ($1.50 to $2 per hundredweight). "There is hardly any import coming in," one industry source said. "Removing that deduct will result in prices increasing by $30 or $40 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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