In a letter to customers late Thursday, Nucor announced that effective with shipments as of April 1, it will rescind the $1.25 cwt. ($25/nt or $28/mt) price increase announced on March 8.
The company attributed the move—which amounts to a $1.25 cwt. price decrease, considering the increase was already absorbed into the market—to a “continued surge in imports from Turkey and other countries and the negative impact this is having on both the fabricated and distributor pricing in the markets that we service.”