NEW YORK — Nucor Corp. has lowered its raw materials surcharge on reinforcing bar by $9 per ton (45 cents per hundredweight) and raised its base price for the product by $9 per ton effective with Feb. 15 shipments, resulting in no net change in transaction prices, the steelmaker said in a Feb. 14 letter to customers.
The decline in the surcharge—based on AMM’s consumer buying price for shredded automotive scrap in Chicago—is the first since December. Sideways ferrous scrap prices into the new year kept the surcharge flat until this month, when scrap prices in the Chicago market settled down $9 for most grades (amm.com, Feb. 7).