Nucor, SDI undermine Gerdau with $10/nt rebar increase

In letters to customers sent late Tuesday, Nucor and Steel Dynamics, Inc. each announced a $10/nt ($0.50 cwt. or $11/mt) transaction price increase for rebar, effective immediately with new orders. Nucor’s letter indicated that all confirmed orders as of the close of business on November 5 will be price protected if shipped no later than November 30, whereas SDI set the shipping deadline at November 20. The announcements come just days after Gerdau Long Steel North America announced an immediate $20/nt ($1.00 cwt. or $22/mt) transaction price increase. Sources tell SteelOrbis that Gerdau is discussing whether to adjust their original increase.