Merchant bar price increase seen likely to stick

Nov 08, 2013 | 04:44 PM | Thorsten Schier

Tags  steel bar, merchant bar, price increase, Gerdau Long Steel North America, Nucor, Thorsten Schier

NEW YORK — Participants in the merchant bar market largely expect a recently announced price increase of $20 per ton ($1 per hundredweight) to hold, buoyed by rising scrap prices.

"People have controlled their inventory levels ... and the mills know what the inventory levels are. Scrap has some momentum to move up, so (mills) have a relative level of confidence that they will get (the increase) through," one distributor in the Midwest said, adding that this would likely be true for both large-volume buyers that typically get discounts off list prices....

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