Major US steelmakers Nucor, ArcelorMittal NA and Gerdau announced hikes in prices for steel wire products and wire rods for August deliveries, on the back of rising input costs.
Keystone Steel also decided to raise the prices of steel wire rods and rebar by $10 per short ton. Nucor and ArcelorMittal NA had previously hiked steel wire prices by $15 per short ton this week.
The prices of scrap have risen during the past few weeks, which have forced major mills to go ahead with the price hike. The buyers are also seen willing to purchase these products for the increased rates. Many rebar consumers are looking beyond October when supplies of Chinese and Taiwanese rebar could dry up as new tariffs take hold.
The week’s biggest mover on the weekly Construction MMI® was the price of Chinese rebar, which saw a 1.8 percent decline to CNY 3,220 ($520.40) per metric ton. This comes on the heels of a 1.9 percent increase the week before. The Chinese low price of 62% Australian iron ore fines stayed essentially flat at CNY 970.00 ($156.77) per dry metric ton. US shredded scrap prices held steady from the previous week at $374.00 per short ton. At CNY 3,230 ($522.02) per metric ton, the price of Chinese H-beam steel did not change since the previous week.
Closing at CNY 14,200 ($2,295) per metric ton, Chinese aluminum bar remained unchanged for the week. Prices for European 1050 aluminum remained constant, closing the week at EUR 2,236 ($3,011) per metric ton.
Closing out the third week of declining prices, the weekly US Midwest bar fuel surcharge dropped by 0.3 percent, finishing at $0.52 per mile. The weekly US Gulf Coast bar fuel surcharge fell 0.2 percent over the past week to $0.51 per mile. This was the third week in a row of declining prices. This past week, the weekly US Rocky Mountain bar fuel surcharge kept quiet, holding at at $0.54 per mile.
The Construction MMI® collects and weights 9 metal price points used within the construction industry to provide a unique view into construction industry price trends. For more information on the Construction MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.