US mills are raising transaction prices for rebar $25/st, effective with new orders Friday.
Nucor, Gerdau Long Steel America, Steel Dynamics Inc. and Commercial Metals Co. independently announced higher pricing in letters sent to customers Thursday and Friday.
If absorbed into the market, the increase would mark the third price hike in as many months. US producers previously raised rebar prices $30/st in November and $20/st in October.
Buy-side sources said they had been expecting rebar prices to rise in December, as raw material costs continue to climb. US scrap dealers on Thursday resisted mill bids of up $30/lt for December scrap commitments.
