October 07, 2008

Pacific Steel raise prices of galvanized wire by 14%

New Zealand based Pacific Steel Group has advised customers it will be increasing the price of its soft and high tensile galvanized wire range by up to 14%, effective from May 1.

Mr John Beveridge GM of Pacific Steel Group said that the company has no option but to pass on to customers the increasing international cost of the raw materials for making steel. The latest price hike follows on from a similar increase at the beginning of March. He added that “We predicted at the time that ongoing volatility in the global steel commodities market would necessitate regular reviews of our pricing, and this has unfortunately been the case. We are, however, surprised by the magnitude and speed at which the market has increased.”

Mr Beveridge said that New Zealand wire prices are still very competitive in the global market and the company will continue to monitor commodity prices in the coming months.

Pacific Steel Group in Auckland is New Zealand’s only manufacturer of reinforcing steel and wire, under the Seismic and Wiremark brands respectively.