US Metallurgists Raise Prices for Steel Wire and Rebar

Major US steelmakers announced higher prices for wire rod and wire rod for August shipments amid rising costs.

It is reported that the American company Keystone Steel has decided to raise prices for steel wire rod and rebar by $ 10 per ton. According to media reports in the US, the country's major steel wire producers, including Nucor and Arcelor Mittal in North America, increased steel wire prices by $ 15 per tonne last week.

This is because scrap prices have risen over the past few weeks. As a result, large US factories were forced to raise prices for products for the production of which scrap metal is used as a raw material. In addition, buyers of these products have also expressed their willingness to transact despite the price increases.

Meanwhile, Taiwanese wire rod manufacturers have kept prices unchanged for August shipments. Major manufacturers of steel bars and wires such as China Steel Corp, Yieh Xing and Feng Xin have announced that prices will remain unchanged. Another major manufacturer, Quintain Steel, has also decided to keep its price unchanged from May.

At the same time, the main Chinese manufacturers announced an increase in the price of steel rebar and wire back in mid-July. China is raising prices for these products due to the growing demand in the construction sector ahead of the fall. However, the rise in prices for wire and rebar in China is insignificant and amounts to about 20 yuan.