In a letter to customers Friday, Gerdau Long Steel North America announced that effective immediately, it will decrease transaction prices for reinforcing bar products back to January 2012 levels.
The letter did not mention a specific decrease amount, considering the company originally announced a $30/nt ($1.50 cwt. or $33/mt) increase for February shipments, only to quietly rescind half of it after Nucor announced its own $15/nt ($0.75 cwt. or $17/mt) increase.
Nucor announced late Thursday a $15/nt decrease for rebar products, effective immediately.