Rebar price increase has legs: market
Oct 16, 2013 | 03:54 PM
| Samuel Frizell
NEW YORK Rebar demand is strong enough to support price increases announced by major mills this week, according to producer and buyer sources, as a seasonal uptick in orders and diminishing imports drive rebar mills sales.
Charlotte, N.C.-based Nucor Corp. announced a price increase of $10 per ton (50 cents per hundredweight) Oct. 14, with Tampa, Fla.-based Gerdau Long Steel North America following suit the next day (amm.com, Oct. 15).
For nearly five months prior to the increase, the market saw unusually steady prices at around $645 per ton ($32.25 per cwt) as mills shed their raw materials surcharge and held most prices level. Margins remained low despite overall softening in scrap prices, mills said, and the increase was a long time coming.....
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