Thursday, September 18, 2008

Scrap cost collapse causes steel bar prices to fall in US

With benchmark shredded scrap prices collapsing by $170/gross ton this month to $400, some steel producers have cut prices by $70/net ton on rebar to $986 and $50/ton on merchant bar to $994. Nucor and Gerdau Ameristeel have issued letters to customers indicating that they have cut prices on both steel long products while Keystone Steel & Wire has cut rebar prices by $70.

“With scrap prices falling, steel prices are going down,” says Denis McMorrow, president of metal deck maker D-MAC Industries in Alpharetta, Ga. But he and other buyers say actual sales are lower than the mills are acknowledging--with rebar as low as $900/ton and merchant bar as low as $953. Rebar is used to strengthen concrete in structures ranging from bridges to buildings; merchant bar has myriad industrial and commercial uses and comes as rounds, flats, angles, squares and channels.

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