In letters to customers late Thursday and early Friday, Nucor, Steel Dynamics, Inc. and CMC all announced a $2.00 cwt. ($44/mt or $40/nt) price increase for rebar, effective with all new orders.
The move follows an early December price increase of $3.25 cwt. ($72/mt or $65/nt), and a late November price increase of $1.50 cwt. ($33/mt or $30/nt), for a total of $6.75 cwt. ($149/mt or $135/nt) in price increases within 30 days.
Sources tell SteelOrbis that the latest price increase has already absorbed in the market—buyers calling mills today are being quoted prices that are $2.00 cwt. higher than yesterday.