Content area
Full text
At least two domestic steelmakers have reduced prices on reinforcing bar.
Nucor Corp. cut net transaction prices on rebar by $15 per ton (75 cents per hundredweight) and those on merchant bar and structural products by $30 per ton ($1.50 per cwt), according to letters sent to customers Thursday.
The Charlotte, N.C.-based steelmaker, generally considered the market leader in pricing moves for the products, said the cuts became effective Friday.
Tampa, Fla.-based Gerdau Long Steel North America announced its own cuts in a letter to customers Friday, noting that it was returning prices to January levels effective immediately.
Nucoraeuro (TM)s cuts essentially return the steelmaker to January levels as well, sources said, speculating that the two companiesaeuro (TM) decreases were driven largely by declines in domestic scrap prices.
Nucor is, in essence, "wiping out" a February price increase, which was largely an effort to firm up a previously announced increase for January, one rebar distributor said.
Nucor announced Dec. 9 an increase of $30 per ton...