US rebar mills take full advantage of tariffs with substantial price increase

Wednesday, 14 March 2018 20:10:48 (GMT+3)   |   San Diego
       

The Section 232 tariffs are set to be effective as of March 23, but US domestic rebar mills are already taking full advantage of the import situation by announcing a significant price increase. Gerdau, CMC, and SDI all announced a $2.50 cwt. ($50/nt or $55/mt) effective-immediately price increase, although Nucor has not yet responded. Sources tell SteelOrbis that Nucor is considering whether to match the $2.50 cwt. increase or go higher, indicating the company’s substantial confidence in the market’s ability to absorb higher prices.

Already, US domestic rebar spot prices have increased from last week’s range of $38.00-$39.00 cwt. ($760-$780/nt or $838-$860/mt) ex-mill. Including this week’s increase, spot prices are now in the range of $40.50-$41.50 cwt. ($810-$830/nt or $893-$915/mt) ex-mill. And if Nucor does announce a larger price increase than its fellow US rebar mills, sources say it likely will not be the last price increase the market sees in the near-term.


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