In a letter to customers late Wednesday, Nucor announced that it will increase rebar transaction prices by $1.25 cwt. ($25/nt or $28/mt), effective with orders as of March 9.
Early Thursday, Gerdau Long Steel North America and Steel Dynamics, Inc. followed Nucor’s lead and announced $1.25 cwt. increases of their own. Additionally, each mill indicated that all orders placed before today will be price protected if shipped before April 1.
Pre-increase spot prices for US domestic rebar were $31.25-$32.75 cwt. ($625-$655/nt or $689-$722/mt) ex-mill. If the full price increase is absorbed into the market, as sources predict it will, spot prices will rise to $32.50-$34.00 cwt. ($650-$680/nt or $717-$750/mt) ex-mill.