Prices for domestic and imported merchant bar quality (MBQ) steel in the United States rose in July, when demand continued to outpace supply, extending lead times and depleting inventories across the supply chain.
Fastmarkets' monthly assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US was $55.80 per cwt ($1,116 per ton) on Friday July 30, up by 3.72% from $53.80 per cwt on June 25 and up by 10.93% from $50.30 per cwt on May 28.Fastmarkets' monthly assessment for steel merchant bar, loaded truck Port of Houston for immediate delivery was $1,055-1,095 per ton ($52.75-54.75 per cwt) on July 30, up by 3.87% from $1,015-1,055 per ton on June 25 and by 11.40% from $945-985 per ton on May 28.Market participants reported that the mill price increases of $2.50 per cwt announced in mid July have been accepted by the market, due to tight supply of merchant bar and falling inventories across the supply chain."The market has accepted the price increases," a western fabricator said, adding that lead times are at six to eight weeks. Even though...