In a letter to customers late Thursday, Nucor announced a base price reduction for rebar and most merchant bar and structural products of $1.00 cwt. ($22/mt or $20/nt), effective immediately. While the company attributed the move to "market conditions," it was an expected reaction to Gerdau Long Steel North America's $1.00 cwt. base price decrease for rebar announced Wednesday.
Further, Nucor indicated that the new price level would serve as the "new transaction pricing for the month regardless of any change in the Raw Material Surcharge," which has not been announced as of yet.
Expectedly, Steel Dynamics Inc. released their own customer letter Friday, indicating an immediate $1.00 cwt. price decrease for all products.