Input costs drive wire rod buyers to lift prices
Dec 23, 2013 | 05:13 PM
| Samuel Frizell
NEW YORK Wire rod buyers are pushing hard to improve margins over the next few months against heavy cost pressures, as raw material prices have risen while finished wire tags have stagnated.
Prices for most grades of wire rod assessed by AMM have risen by about $30 per ton ($1.50 per hundredweight) over the past several months. However, after all wire rod buyers have entered the market sources are expecting that selling prices will have increased between $40 and $60 per ton ($2 and $3 per cwt) since October. Wire and wire product prices have yet to see similar gains.
But some companies have begun announcing finished product increases in order to catch up with higher raw material costs. Last week, Mount Airy, N.C.-based Insteel Industries Inc. announced increases of $80 per ton ($4 per cwt) for welded wire reinforcement products and pre-stressed concrete (PC) strand effective Jan. 6, leading the market on finished wire product price hikes.....
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