This morning in metals news: the pace of the rise of U.S. import prices slowed in July compared with the previous month; meanwhile, Nucor completed the acquisition of an insulated metal panels business; and, lastly, U.S. steel prices continue to move upward.
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US import prices up 0.3% in July
U.S. import prices jumped by 0.3% in July, the Bureau of Labor Statistics (BLS) reported. Higher fuel prices drove the July jump, according to the BLS.
Meanwhile, import prices surged by 1.1% in June.
On the other hand, U.S. export prices rose by 1.3% in July after a 1.2% jump in June.
Nucor acquires insulated metal panels business
Nucor Corporation officially completed the acquisition of Cornerstone Building Brands’ insulated metal panels business, the Charlotte-based steelmaker recently announced.
The acquisition comes at a cash price of $1 billion.
“The Nucor management team is in place and the CENTRIA and Metl-Span brands acquired from Cornerstone Building Brands are now a part of the newly created Insulated Panel Group, which also includes the Company’s existing IMP business, TrueCore,” Nucor said in a release.
Steel prices continue to rise
U.S. steel prices continue to rise across the board, albeit down from the double-digit percentage increases seen over the past year.
U.S. cold-rolled coil closed Thursday at $2,043 per short ton, or up 5.58% month over month. Meanwhile, hot-rolled coil closed at $1,849 per short ton, or up 6.02%.
The hot-dipped galvanized price closed at $2,154 per short ton, or up 4.56%.
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