Product
February 1, 2013
CRU Press Release
Written by John Packard
One week ago, ArcelorMittal circulated their price increase announcement and in their internal memo the company raised the issue of, “The market manipulation and discounting of the CRU has had a dampening effect on industry spot prices.” AM then went on to raise prices by $45 per ton but did so by taking the benchmark CRU numbers and adding $45 per ton to them in order to obtain their new spot base prices.
Steel Market Update spoke with CRU who assured us their relationship was sound with ArcelorMittal and we concluded the mill reference was pointed at the competition and not the collectors of the data. On Wednesday of this week, CRU published a press release celebrating their 33 years of spot price data collection. Here is the full release:
