January 2012 | North American Steels
Another cycle of long product hikes: Long Product Highlights
Mills push for higher prices on scrap price gains
Since reaching a short-term trough in November, US domestic scrap prices rebounded in both December and at the start of January, reaching levels not seen since January 2011. The $65/l.ton increase in prices over the past two months prompted steel long product price hikes by the mills. In wire rod, ArcelorMittal and Keystone have both announced $30/ton price increases effective February 1. The mills insist that these hikes will be accepted by the market as the first quarter tends to be a strong one in steel pricing as machinery and overall industrial output ramps up at this time.
Buyers, however, believe that this is a move to prompt near-term buying and inventory building ahead of February, but that there are too many risks...
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