In a letter to customers Wednesday, Gerdau Long Steel North America announced a $15/nt ($0.75 cwt. or $17/mt) transaction price decrease for all reinforcing bar, merchant bar, beam and piling products effective immediately.
Notably, the announcement came ahead of the monthly settling of shredded scrap prices, which are projected to decline by $40-$50/long ton. No other US mills have made announcements as of this posting (Nucor is typically first).