Two US steel companies, Nucor and Gerdau, have announced a $2 per hundred pounds (equivalent to $40 per short ton) price increase for rebar, Kallanish reports, citing official letters from the companies to customers.
Nucor Bar Group was the first to announce the increase. The new prices came into effect after the close of business on Monday and apply to all confirmed orders at that time. The company guarantees a fixed price for deliveries that take place before February 24. In its announcement, Nucor explains that the change in price is due to a significant increase in raw material costs that has impacted operations.
The next day, Gerdau Long Steel North America, based in Tampa, Florida, introduced a similar increase. Prices for new orders went up on Tuesday, but customers who managed to place orders by the end of Monday will receive price protection if they deliver before January 23. Gerdau emphasizes that it is closely monitoring market conditions and reserves the right to adjust its pricing policy in line with the competitive environment.
Earlier this week, Nucor announced another increase in the spot price (CSP) for hot rolled coil (HRC). Effective February 10, 2025, the base price will be $790 per short tonne for all of the company’s production facilities. This is the third increase since the beginning of the year, reflecting the tense market situation and attempts to test consumers.
Courtesy : https://gmk.center/
