In a letter to customers sent late Monday, Commercial Metals Company (CMC) announced they will be raising transaction prices for rebar by $2.00 cwt. ($40/nt or $44/mt), effectively immediately, due to “rising input costs” related to the US domestic scrap uptrend this month.
Early Tuesday, Gerdau issued a similar announcement, also raising rebar prices by $2.00 cwt.
Nucor, which is usually the first in the US market to issue price increases, has not responded as of press time, but an announcement of their own is expected this week.