Tata Steel is increasing transaction prices for April deliveries in the UK of wire rod produced at its Scunthorpe Rod Mill by a minimum of £125, with some grades increasing by as much as £150 per tonne.
The price rise is being driven by continuing increases in raw material costs as well as improvement in demand for the product.
Prices for April deliveries of Scunthorpe wire rod in all other markets will also increase by between £125 and £150 per tonne equivalent.
Andrew Parker, Commercial Manager, Wire Rod and Bright Conversion, for Tata Steel’s European operations, said: “The cost of both iron ore and coking coal continues to rise to such an extent that we have to raise our prices. Market demand levels have also continued to improve, which supports a much-needed price correction throughout the supply chain.”
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About Tata Steel in Europe
The European operations of Tata Steel (formerly known as Corus) comprise Europe's second largest steel producer. With main steelmaking operations in the UK and the Netherlands, they supply steel and related services to the construction, automotive, packaging, material handling and other demanding markets worldwide.
Tata Steel is one of the world’s top ten steel producers. The combined group has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents.