Copying and distributing are prohibited without permission of the publisher

(AMM) Nucor set to boost rebar $75/T in April

March 09, 2010 - 21:12 GMT Location: CHICAGO

KEYWORDS: Nucor , rebar , merchant bar , structural steel

Mill published rebar prices are poised to rise $75 per ton on April 1, based on a late Tuesday announcement by Nucor Corp. that it would raise its raw material surcharge by $2.50 per hundredweight ($50 per ton) on rebar, merchant products and structural steels, as well as its base price on rebar by $1.25 per cwt ($25 per ton).

This follows increases on rebar of $65 and $60 per ton in January and February, respectively. Prices have moved up about $5 per ton since Feb. 15. "This $75 brings us up $200 (per ton) in the first quarter," a New England fabricator said on Tuesday.

The 2010 increases are all supply-side cost-driven moves, buyers said, noting that demand remains weak throughout most of the United States while some parts of Canada are seeing better conditions in terms of bid and order activity, and project backlogs.

Some fabricators and distributors said they will have a hard time pushing any further increases through to their customers. "They think we are making these prices up," the New England fabricator said.

"I am shocked at this one; it is hard for me to wrap my hands around," he said. "But the mills want to get profitable again. Stockholders want them to make money....

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.

If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.

A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 13 years of intelligence. Start your subscription today.

Free trial

Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.

Free trial

Already have an account?

Carbon Steel Long Products

Feb 3, 2012 17:30 LME steel billet prices egde up within established ranges
Feb 3, 2012 12:02 Steel users' prospects are positive despite recession, Eurofer says
Feb 3, 2012 10:00 Ezz Steel’s profits soar in Q3 2011, despite political upheaval
Feb 3, 2012 09:30 Thamesteel woes will not create ferrous scrap surplus on UK market, merchants say
Feb 3, 2012 09:30 Turkish wire rod mills cut export prices by $20 to entice consumers

Comment & analysis

COMMENT: Glenstrata still has to break the mould

The news that Glencore and Xstrata are in merger talks would only come as a surprise to someone living under a rock, and only then if said rock did not contain any valuable minerals. But now that talks of a tie-up of the world’s largest metals trader and its fourth largest miner have finally moved into the boardroom, hypothetical questions have become real, and the answers are far from certain.
APEX FULL YEAR 2011: Base metal forecasts: astounding accuracy

Astounding upon astounding: that is how the 2011 leaderboard for Apex, the Metal Bulletin service that tracks the performance of over twenty top base metal price forecasters, appears when you consider it coldly.
Raising fees could imperil LME date structure: a broker writes

The London Metal Exchange plans to introduce a fee for client trades from March. The proposal has aroused some opposition, and prompted one broker to write to Metal Bulletin, requesting anonymity. Here he outlines his concerns. How justified are they? Email aharrison@metalbulletin.com, or tweet @aharrison_mb