In a letter to customers sent late Monday, Nucor announced a $10/nt ($0.50 cwt. or $11/mt) transaction price increase on rebar for all new orders, effective immediately (all orders confirmed by Monday evening, however, will be price protected if shipped no later than December 31).
The next morning, Steel Dynamics, Inc. sent out an identical increase letter.
The increase is a belated catch-up to Gerdau’s $20/nt ($1.00 cwt. or $22/mt) increase announced last month soon after Nucor only increased prices by $10/nt. However, both Nucor and SDI’s letters include disclaimers that they reserve the right to respond to the marketplace, which means another price increase could soon be on the horizon.