Nucor Bar Mill Group is raising prices for bar steel by $30/t

Gerdau Long Steel North America had previously taken a similar step

Nucor Bar Mill Group, a division of the US steel producer Nucor, has announced a price increase for construction-grade long products (MBQ). This was reported by Kallanish, citing a letter from the company to its customers.

The increase amounts to $30 per short tonne for channels, angles, flat bars, square bars and round bars.

The company is raising prices for new orders received after the close of business on 15 July. All orders confirmed prior to that date will be protected from the price increase, provided they are shipped by 29 July.

Nucor Bar Mill Group has announced that it reserves the right to review and recalculate any quotations that have not been confirmed either by Nucor or by written agreement between both parties.

Gerdau Long Steel North America also announced a similar price increase last week – of $30 per short tonne for most angles, channels, flat, round and square sections. As stated in a letter to customers, the company continues to monitor the market to ensure competitive conditions for Gerdau and its partners, and reserves the right to adjust its pricing policy as necessary.

It should be recalled that on 13 July, the US steel producer Nucor once again raised its spot price (CSP) for hot-rolled coils by $5 per short tonne compared with the previous week. From the end of January to 22 June this year, the company consistently announced price increases, ranging from $5 to $15 per short tonne. There was a three-week pause from 22 June, during which the price was held at $1,130 per metric tonne.