Monday, March 17, 2008

Steel mills to raise wire rod prices

Most wire rod producers are planning to raise mill list prices by $40/ton in April.

The price announcements from ArcelorMittal, Keystone Steel & Wire, Gerdau Ameristeel and other producers match the previous $40/ton price increases in January and February. The mills are quoting list prices in March of $760-780/ton while buyer surveys show low-carbon wire rod was purchased at an average $730/ton. Mill marketing personnel say the price of wire rod is being pressured upward by increasing scrap costs. The spot purchase price of shredded auto scrap in the Midwest, for example, broke through the $400/gross ton barrier earlier in the month.

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