In a letter to customers sent late Friday, Nucor announced that it is rescinding the $20/nt ($1.00 cwt. or $22/mt) rebar transaction price increase announced January 16 for shipments as of February 1. The letter cited a “surge in imports” from Turkey, Mexico and other sources as the reason for the move--according to US import data, over 163,000 metric tons of imported rebar arrived into the US in January, mostly from Turkey, Mexico and Spain.
As of press time, other mills have not responded.