In a letter to customers sent late Friday, Gerdau Long Steel North America announced that effective with new orders place November 4, Gerdau is increasing transaction prices for reinforcing bar products by $20/nt ($1.00 cwt. or $22/mt). All confirmed orders as of November 1 will be price protected if shipped by November 15.
No other mills had responded by press time, but sources confirmed that Nucor would most likely respond with their own price increase letter as early as Monday evening.