Steel Dynamics Inc. said steel-sheet customers may not accept a $30-a-ton price increase next quarter because International Steel Group Inc. isn't following suit.
Steel Dynamics will match the price increase planned by rival Nucor Corp., spokesman Fred Warner said. ``But it's not likely that the total increase is going to be accepted because of International Steel's sheet price only rising by $20,'' Warner said.
Nucor will raise its price for sheet by 8.6 percent, to about $379 a ton in the second quarter from about $349 in the first. Steel Dynamics's steel-sheet price was $403 a ton in the fourth quarter. Warner wouldn't say what its current price was or how much of a percentage increase $30 a ton represents for Steel Dynamics customers.
Nucor and other companies that use ferrous scrap to make their steel are raising prices to cover higher raw-material costs. The companies saw the average cost of scrap rise about 19 percent to $118 a ton in the fourth quarter, Nucor said.
Scrap prices will increase by $20 to $30 a ton in the first quarter, said Dan DiMicco, CEO of Nucor. Bloomberg NewsLatest from Recycling Today
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