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Nucor, Liberty Steel hiking US wire rod prices

Highlights

Huge increases follow $70 rise in scrap prices

Other US rod mills expected to follow

Pittsburgh — Nucor is raising steel wire rod transaction prices in the US, effective with new orders Dec. 8.

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In a letter sent to customers, the company issued an increase of $95/st on all wire rod transaction prices, with price-protection for existing orders shipped by Dec. 31. In addition, the company said all wire rod diameters under 0.25 inch would be subject to a $10/st size extra.

Liberty Steel followed with an increase of $105/st on all wire rod transaction prices, effective with shipments January 1.

The moves follow a significant increase in shredded scrap prices, which rose by over $70/lt during the December scrap buy.

Given rising input costs, market sources expected other rod mills would follow suit. One buy-side source had already been informed by a rod mill that it would implement an identical increase.

"Get it while the getting is good," the source added. "I expect [the] other rod mills to follow."

A second buyer said the increase would be passed on to his customers immediately, as he expected all other rod mills to follow the move. "The change is too large and we can't live if we don't act fast."

S&P Global Platts' latest weekly wire rod assessment was $650-$660/st on Dec. 4.