Sharp increase in scrap surcharge by Nucor
According to recent market reports, major
US steel producer
Nucor Corp. will hike its raw material surcharge on flat rolled steel in August due to price increases recorded in the last few weeks as a consequence of shrinking
scrap supply.
As of August 1,
Nucor plans to apply a $100 to $180 increase in surcharges for flat rolled product shipments, the largest increase ever made by the company since the beginning of this year.
Shrinking in
scrap supply reportedly derives from strong demand from producers and slackening in
production of auto makers.