Scrap costs drive $30/T Nucor bar product hike
Dec 09, 2011 | 03:21 PM
| Michael Cowden
TORONTO Nucor Corp. plans to boost transaction prices for reinforcing bar, merchant bar and structural products by $30 per ton ($1.50 per hundredweight), citing raw material costs.
The Charlotte, N.C.-based steelmaker suggested in letters to customers Friday that the move reflected increased scrap costs and would be effective with shipments Jan. 1.
Market sources told AMM that they had anticipated the move and expected other major rebar mills to announce similar hikes, but no other notices had been issued as of late Friday.
The boost to rebar tags comes after Nucor led the charge Thursday in boosting wire rod prices by $40 per ton ($2 per cwt).....
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