Wednesday, August 31, 2011

steel rebar prices

New York (Platts)--29Aug2011/1159 am EDT/1559 GMT

Gerdau Long Steel North America plans to raise transaction prices of steel reinforcing bar by $20/st for mill shipments starting September 19, according to a letter sent to customers Friday and seen by Platts on Monday.

Gerdau said "market conditions" drove the price increase, adding that it would "continue to monitor the market ... and reserve the right to make adjustments to maintain our competitive position across all Gerdau Long Steel product lines."

Gerdau last adjusted prices July 1. It originally proposed raising prices of rebar prices by $30/st but later revised that figure to $20/st, matching price hikes that competitors have announced. Transaction prices remained flat in August.

The current Platts price assessment for US-made No. 6 rebar remained steady Monday, selling in a range of $720-740/st ex-works Southeast mill.

Tampa, Florida-headquartered Gerdau is the second largest producer in North America of steel rebar, wire rod and other long products. Charlotte, North Carolina-based Nucor is larger.

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