In a letter to customers late Thursday, Nucor announced a $25/nt ($1.25 cwt. or $28/mt) transaction price increase on all wire rod products, effective with shipments as of January 1, 2014.
The move follows announcements by Gerdau Long Steel North America and ArcelorMittal, who each announced a $30/nt ($1.50 cwt. or $33/mt) transaction price increase the day before.
While sources are not convinced that any of these latest increases will go through, considering the overall failure of the last announced wire rod increase, it is a solid indicator of mills' willingness to do whatever it takes to push the market upward.