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The price of scrap metal, a key raw material for some steelmakers, has hit record highs and manufacturers are likely to impose steep surcharges to cover the extra costs, analysts said on Thursday.
The American Metal Market's April scrap index rose $162 per ton to $555 per ton -- 25 percent higher than the previous record of $443 per ton in November 2004.
Six months ago, at the Bureau of International Recycling conference in Warsaw, delegates were told that demand for steel scrap in the United States was firm, with prices at around $300 for shredded and $315/320 for prime scrap.
The recent increase, which will affect mini-mill steelmakers such as Nucor Corp