Spot transaction prices on rebar have come down an average of $50 per ton, or 10 percent, since mid-October, numerous market sources said, even though Gerdau Ameristeel Corp. and Nucor Corp. have both outlined their attempts to hold the line on published long products prices through December.

As rebar consistently moves on a regional basis, and more in areas served by several producers, buyers east of the Mississippi River are paying $430 to $480 per ton ($21.50 to $24 per hundredweight) f.o.b. the mill, down from the Oct. 15 published price of $520 to $660 per ton. However, spot pricing four weeks ago was closer to the lower end of that range.

Charlotte, N.C.-based Nucor and Gerdau Ameristeel, Tampa, Fla., each issued customer letters this week. Gerdau Ameristeel said it would freeze current prices through Dec. 31, and Nucor lowered its Dec. 1 scrap surcharge $25 per ton but raised its base price by the same amount for no net change.

"When I see letters like that, if they really believed...