American rebar producers have raised prices by $60/t

Several leading US steel companies have announced price increases for rebar and wire rod. The increase amounted to $60 per short ton, Kallanish reports, citing letters to customers.

The first to announce the price change was Nucor Bar Group, whose new rebar prices took effect at the end of the business day on July 18. Orders confirmed before that date will remain at the old prices if the products are shipped before August 1.

On Monday, July 21, Gerdau Long Steel North America announced a similar increase. It applies to new orders placed after July 21. At the same time, orders confirmed by the end of the day on July 18 will be protected from price increases, provided they are shipped before August 3.

Gerdau’s letter states that the company will continue to monitor the market to ensure competitive conditions for itself and its partners, reserving the right to adjust its pricing policy.

Another manufacturer that joined the increase was Deacero/Mid-Continent. On July 21, the company announced a $60/t price increase for rebar for all orders placed after that date. Previously confirmed orders are protected provided they are shipped by August 4.

In addition to rebar, the increase also affected wire rod. On July 21, Nucor announced a $20 per short ton increase in the base price for wire rod. The new terms apply to all orders placed on or after July 22. For wire with a diameter of less than 1/4 inch, an additional $20/t is added as a dimensional surcharge. The company plans to review prices monthly in line with market conditions.

During June, rebar prices in the US rose by 8.5% – to $914.9/t ex-works. The price increase was caused by several factors. Leading producers — Nucor, Steel Dynamics, Gerdau, and CMC — announced almost simultaneously an increase in base prices by $60/t, and some additionally raised the cost of 20-foot bars by another $40.