Two weeks after dropping rebar transaction prices by $20/nt ($1.00 cwt. or $22/mt), Nucor announced late Friday that effective immediately (July 27, 2012), the base price for rebar will increase by $20/nt.
Gerdau Long Steel North America released a similar letter to customers on Monday, also raising rebar base prices by $20/nt. Other mills are expected to follow suit.
Sources tell SteelOrbis the move is in direct response to uptrending shredded scrap prices.