Gerdau rebar hike may halt further slide: mart

Apr 09, 2013 | 04:35 PM | Samuel Frizell

Tags  Rebar, Gerdau, Nucor, increases, scrap surcharge, shredded automotive scrap, construction, Samuel Frizell

NEW YORK — Gerdau Long Steel North America’s leading move to raise rebar prices may not result in higher transaction prices but it could help keep them from falling further in the wake of waning scrap tags, buyer and mill sources told AMM.

A Gerdau spokesman declined to comment on the motives behind the hike, but market sources speculated the company's announcement was largely intended as a pre-emptive move to put a floor under rebar prices before lower scrap tags trickle through.
“Rebar’s just too cheap (and) nobody’s happy with it,” one rebar mill source said. “(Gerdau’s) trying to shore up the numbers so they don’t go any further down.” ....

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