In a letter to customers Friday, Gerdau Long Steel North America announced a $10/nt ($0.50 cwt. or $11/mt) transaction price increase for rebar effective with orders as of April 15. Although shredded scrap prices declined by $20/long ton this month, Gerdau insisted in the letter that scrap is "one of the many components considered in our pricing decision." Improving demand and activity levels in the construction sector were also cited as other, more influential factors.
Price announcements from other US mills were not reported as of press time.