Gerdau retracting hike as Nucor lowers rebar
Apr 11, 2013 | 06:06 PM
| Samuel Frizell
NEW YORK Nucor Corp. has lowered its net price for concrete reinforcing bar (rebar) by $15 per ton, leading Gerdau Long Steel North America to retract its earlier price hike and fall in line with Nucors move.
Charlotte, N.C.-based Nucor said in an April 10 letter to customers that it was increasing its base price for rebar by $7 per ton (35 cents per hundredweight) but reducing its scrap surcharge by $22 per ton ($1.10 per cwt) effective with April 11 shipments, resulting in a $15-per-ton (75-cents-per-cwt) decrease in transaction prices. AMMs Chicago consumer buying price for shredded automotive scrapused as the basis for Nucors raw materials surchargefell $22 per ton last week (amm.com, April 4).....
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