In a letter to customers late Tuesday, Nucor said it will raise rebar prices by $1.25 cwt. ($25/nt or $28/mt), effective with all new orders as of Aug. 2, 2017.
The move followed CMC’s announcement on Monday for an equivalent rebar price increase at its Texas facility. Late Tuesday, CMC sent a similar announcement for its South Carolina rebar mill.
Additionally, Gerdau Long Steel North American announced today it will also increase rebar prices by $1.25 cwt., effective with new orders as of Aug. 2, for all US regions.
As of Monday, US domestic rebar spot prices ranged from $30.75-$32.25 cwt. ($615-$645/nt or $678-$711/mt) ex-mill. If the new increases are fully absorbed into the market, spot prices in most regions will range from $32.00-$33.50 cwt. ($640-$670/nt or $705-$739/mt) ex-mill.