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US scrap surcharge up $30 for 2nd consecutive month - 10 January 2012

The benchmark shredded scrap price used to set key surcharges on most US long products and plate rose $30/long ton for the second consecutive month, moving the benchmark to an 11-month high.

The published scrap price by an American trade journal is now at $470/l.t. It was previously at that level in January and February of 2011.

The benchmark number is used by several US mills to set surcharges that often determine transaction pricing for deliveries the following month. This month’s surcharge increase will be applied to February deliveries, but could be adjust in full or in part by mill base price moves.

The benchmark price is now up $60/l.t compared to November, Steel Business Briefing notes.

Keystone Steel & Wire Co announced a $30/s.t increase for February shipments of wire rod (see related story).

 

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