*Correction: Rocky Mountain Steel Mills raised their rod price by $178 /nt, not $190 /nt as originally reported on April 10.
Another North American wire rod mill has announced a major price increase to recover its raw material costs -- ArcelorMittal Long Carbon North America has informed customers that it will increase rod prices by a total of $175/nt ($193 /mt or $8.75 cwt.) by May 1.
The price hike will be accomplished in two phases, with the company raising prices by $75 /nt ($83 /mt or $3.75 cwt.) for shipments as of April 14, followed by an increase of $100 /nt ($110 /mt or $5.00 cwt.) for shipments as of May 1.
Two other North American rod mills, Ivaco Rolling Mills and Keystone Steel and Wire, have also recently informed customers of a two-tiered increase for April and May, with each company increasing prices by a total of $150 /nt ($165 /mt or $7.50 cwt.). Rocky Mountain Steel Mills opted for a single $178 /nt ($196 /mt or $8.90 cwt.) rod price increase, effective April 3.