US steelmakers announce hike in steel wire and rebar prices

SEATTLE (Scrap Monster): Major US steel makers have announced hike in prices for steel wire products and wire rods for August deliveries, on the back of rising input costs.

It is reported that US-based Keystone Steel has decided to raise the prices of steel wire rods and rebars by $10 per short ton. As per media reports, major steel wire producers in the country including Nucor and Arcelor Mittal North America had hiked steel wire prices by $15 per short ton last week.

The prices of scrap have risen during the past few weeks, which have forced major mills to go ahead with the price hike. The buyers are also seen willing to purchase these products for the increased rates.

Meanwhile, Taiwanese wire rod producers have left the prices unchanged for August deliveries. The major mills including China Steel Corp, Yieh Hsing and Feng Hsin have announced to keep the prices flat. Another major producer, Quintain Steel alswo has decided to keep its new price unchanged.