Gerdau follows Nucor’s rebar increase withdrawal

In a letter to customers sent late Monday, Gerdau Long Steel North America announced that it is decreasing transaction prices for rebar by $20/nt ($1.00 cwt. or $22/mt), effective immediately.  Although the letter cited “competitive market conditions”, the move is a direct response to Nucor’s letter sent last Friday, rescinding its own $20/nt price increase for rebar.