In a letter to customers Saturday, Gerdau Long Steel North America revised its previous transaction price decrease for rebar, merchant bar and wide flange beam (WFB) products--following the $15/nt ($0.75 cwt. or $17/mt) decrease announced June 6, Gerdau will drop transaction prices by an additional $15/nt, effective with shipments as of June 9.
The move was expected by many in the industry after Nucor announced on June 8 that it would drop rebar, merchant bar and WFB transaction prices by $30/nt ($1.50 cwt. or $33/mt).