In a letter to customers late Friday, Nucor announced it will raise the base transaction price for #4-#11 size rebar by $1.50 cwt. ($33/mt or $30/nt), effective with all new orders as of Monday, July 12.
While other US domestic rebar mills have not announced similar price increases this week, it should be noted that in mid-June, Nucor announced a $2.50 cwt. ($55/mt or $50/nt) increase for rebar, only to be followed by CMC, Steel Dynamics, and Gerdau announcing a $4.00 cwt. ($88/mt or $80/nt) price increase. Nucor did not amend its original increase amount, but sources at the time told SteelOrbis that rebar prices went up the full $4.00 cwt. “across the board.”
For now, it is unclear whether the latest $1.50 cwt. increase from Nucor is a delayed amendment to the mid-June increase announcement, or if this is a wholly separate increase that could be followed by other mills.