Brazilian steelmaker Gerdau will increase base prices for special bar quality (SBQ) steel products across its North American division by $60/short ton (st), effective 1 October.
The increase applies to all hot-rolled carbon and alloy SBQ bar products, including rounds, squares, flats and special sections.
SBQ steel is primarily used in the automotive sector, with additional applications in construction, engineering and energy-related industrial and mechanical products.
The company raised thermally processed SBQ base prices on 31 July.
US light vehicle production, including pickup trucks and cars, fell in July to a seasonally adjusted annual rate of 10.42mn units, down from 10.68mn units in June, Federal Reserve data show.
Argus' monthly SBQ surcharges for 1045 grade steel rose to $352.78/st on 17 July, up by $0.64/st from the previous month, while 4140 surcharges fell by $14.56/st to $543.58/st over the same period.
