Pacific Steel Group to Raise Price of Steel and Wire Products
Pacific Steel Group has advised customers it will be increasing the price of its reinforcing steel bar and wire rod products by 7% to 9%, effective from March 1.
Pacific Steel Group general manager Ian Jones says the price rise has largely been caused by the cost of steel scrap increasing in line with international markets, and has been compounded by the weakening NZ dollar.
Continued demand in China, improved demand for steel products in the United States, and rising iron ore prices are also impacting on the international price.
Mr Jones says prices for the raw materials which are used to make steel bar and wire rod products fell last year, and these reductions had been passed on to customers. However, this trend would be partially reversed by the latest price rise.
“We will continue to review prices in the face of challenging economic times to ensure what our customers are paying reflects international trends,” Mr Jones says. While domestic demand remains “fickle”, the price is determined by global conditions and material costs on the international market.
All Pacific Steel Group products are made entirely from New Zealand-sourced recycled scrap metal.
Pacific Steel Group is New Zealand’s only manufacturer of reinforcing steel and wire, under the Seismic and Wiremark brands respectively, and it is New Zealand’s largest recycler of steel.
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