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(AMM) Nucor follows Gerdau with $20/T cut on long products [UPDATE]
July 13, 2010 - 23:04 GMT
Location:
PITTSBURGH
KEYWORDS:
Nucor
,
Gerdau Ameristeel
,
rebar
,
merchant bar
,
structurals
Nucor Corp. has followed Gerdau Ameristeel Corp.?s leading move by reducing its transaction prices on rebar, merchant bar and some structural products by $20 per ton ($1 per hundredweight), effective immediately, due to declining scrap prices.
The amount of the cut came as a relief to market players as there had been widespread speculation that Charlotte, N.C.-based Nucor would drop the price tag by as much as $40 a ton.
Gerdau Ameristeel lowered its price by $20 per ton a week ago (AMM, July 7) and the rebar and merchant bar markets went into a holding pattern, waiting for Nucor to make its move.
"We just stopped shipping as nobody wanted to deal until Nucor came out," said a Northeast rebar buyer.
"We thought Nucor would drop anywhere from $25 to $40 a ton. That was our consensus because we figured Nucor would never agree with Gerdau and want them to feel they have any leadership in...
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Euromoney Institutional Investor PLC.
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