Commercial Metals Co (CMC), Steel Dynamics Inc (SDI) and Gerdau Long Steel North America all came out with $20-per-ton hikes this week. Nucor is the sole producer to not make any official announcement on rebar prices.
But the price increases for those three mills, which make up a big chunk of US rebar production, are in effect and have been accepted without difficulty, market participants said.
Chicago shredded scrap prices rose by $20 per gross ton in April, a good talking point for mills who sought to boost pricing, buyers added.
These increases will stick, one rebar distributor said, adding that mills had raised prices “privately” in one-off deals as well as in direct negotiations with buyers.
American Metal Market’s assessment for domestic rebar rose to $35-36 per cwt fob mill on April 18 from $34-$35 per cwt two...