Commercial Metals Co and Gerdau Long Steel America have independently announced they will raise rebar prices $40/st, effective with new orders Tuesday.
CMC, which sent a letter to customers late Monday announcing the increase, said it was raising prices due to higher input costs. During the January buy week. US shredded scrap prices settled $30-$40/lt above December levels, dependent on region.
All confirmed orders on the books by the end of the day Monday will be price protected if shipped before January 31, both mills said.
"We will continued to monitor the market to ensure Gerdau and its partners are on a competitive playing field and reserve the right to make adjustments to our pricing policy as needed," Gerdau said in a letter sent to customers.
