Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

In this list
Metals

Nucor, CMC, SDI raise US rebar prices $30/st

Agriculture | Energy | Coal | Electric Power | Natural Gas | Oil | Metals | Petrochemicals | Shipping

2020 US Elections

Electric Power

Platts Forward Curves – Gas and Power

Electric Power | Renewables | LNG | Infrastructure Utilities

Caribbean Energy Conference, 21st

Agriculture | Biofuels | Grains | Oil | Crude Oil | Refined Products | Gasoline | Naphtha | Petrochemicals | Aromatics | Solvents & Intermediates

Asia octane - Key market indicators this week

Commodities | Oil | Petrochemicals | Corporates

Insight Conversation: Christyan Malek, JP Morgan

Nucor, CMC, SDI raise US rebar prices $30/st

Highlights

Nucor hikes rebar $30/st with letter Nov. 20, CMC and SDI follow Nov. 23

Nucor and CMC increases effective with new orders Nov. 23

SDI increase effective with new orders Nov. 24

Pittsburgh — Nucor, Commercial Metals Co., and Steel Dynamics Inc. have independently announced price increases of $30/st on rebar, according to letters sent to customers.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

On the evening of Nov. 20, Nucor informed customers it would increase rebar prices by $30/st effective with new orders Nov. 23.

CMC followed with a $30/st rebar price increase of its own on the morning of Nov. 23, and SDI followed with a $30/st rebar price increase later in the day. The CMC and SDI increases were both effective immediately.

Nucor and CMC said orders placed before close of business Nov. 20 would be price protected, while SDI said it will price protect orders placed by close of business Nov. 23.

Mixed market reactions

Rebar increases were certainly foreseen given expectations that scrap prices are going to rise once December trading begins, along with decently strong rebar market activity. However, with current uncertainty in the market, given the prolonged Presidential election legal battles and the reported resurgence in Covid-19 cases, some were unsure of the timing of the increases.

"It's crazy because these are big increases and I have a hard time believing it right now. With Covid-19, the election still going on, a stock market acting like everything's good... truly, I don't know. This is one of the few times where I feel like I can't read the economic tea leaves," said one buyer.

Another buyer reported difficulty in procuring rebar.

"I'm okay with the new price, I just want my tonnage," he said. "Even last week we could see this coming and tried to make buys but we were unable to."

A third buyer was surprised given that he had spoken with a mill the week of Nov. 14 and been given no indication of hikes. He did however, along with the first buyer, report a strong October and continued market strength.

"We're going to go into December probably busier than we've ever been," the first buyer said.