October 12, 2008

Nucor to raise steel bar prices

American Nucor Corp, the largest steel producer in North America, announced to raise steel bar price by USD 25 per short ton, hereinto USD 21 per short ton increase for surcharge and USD 4 per short ton increase for benchmark price.

As a result, the new price will be between USD 868 and USD 1,037 per ton, depending on the size and specification.

Besides the raw material cost increase, two another main factors also push the price up. One is that the overseas steel bar markets keep strong, the other is that import resources become very tight due to the high import prices.

The market experts said that the prices of steel bar for May and June deliveries are likely to be increased again in view of above stated factors.