Rebar price hike said likely to stick
Nov 04, 2013 | 04:42 PM
| Samuel Frizell
NEW YORK Gerdau Long Steel North Americas rebar price hike late Nov. 1 is expected to hold, with other mills likely to follow, market sources told AMM.
The $20-per-ton increase comes amid rising scrap prices, shrinking import volumes and steady mill backlogs, factors that market participants said are likely to support a push upward from the mills.
The price hike came just hours after the International Trade Commission (ITC) voted that U.S. rebar producers have likely been injured by imports from Turkey and Mexico (amm.com, Nov. 4). Market participants had said that a decision in favor of the domestic producers would likely crimp import supply and allow domestic players to raise prices further. ....
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