In a letter to customers late Friday, Nucor announced it will be increasing the transaction price on all rebar products by $1.25 cwt. ($25/nt or $28/mt), effective with all new orders as of Aug. 21.
On Monday, Steel Dynamics, Inc. announced its own $1.25 cwt. rebar price increase, and other US domestic rebar mills are expected to follow suit.
Last week, US domestic rebar spot prices were reported in the range of $32.00-$33.50 cwt. ($640-$670/nt or $705-$739/mt) ex-mill. If the newest price increase is absorbed into the market as expected, spot prices will be in the range of $33.25-$34.75 cwt. ($665-$695/nt or $733-$766/mt) ex-mill.