South Africa’s largest steel producer, ArcelorMittal South Africa, has announced its first price decrease for the year and will cut the price of both hot-rolled coil (HRC) and wire rod by 5% as from October.
The price of HRC, which provides the base price for flat steel, will decline from its record levels of R8 485/t in September to R7 997/t in October, while the price of wire rod will decline to R7 418/t from R7 808/t in the month prior.
Prior to September, when prices were held stable, there had been seven upward revisions in the price of HRC, which, by the beginning of this month was up by over 100% year-to-date. Similarly, there had been six increases in the price of wire rod.
Full story at Engineering News