Source: Jeff Yoders/MetalMiner.
Gerdau Long Steel North America and Commercial Metals Co. increased prices on rebar products this month. Gerdau’s increase, which raised transaction prices $30 a ton, took effect March 21. CMC said it will raise prices by $20 a ton on April 1. On Monday, Nucor Corp. joined the trend, increasing its prices by $25 a ton on new orders effective yesterday.
The construction season in the Midwest usually takes off around April and it will be interesting to see if these price hikes stick as a recent analysis of Census Bureau data showed that construction product prices, including those for rebar, actually fell in February despite overall increases for most metals.
Rebar imports from Turkey also remain a concern for domestic producers. Many large orders from Turkey have arrived at U.S. ports recently. While Turkey essentially got a pass on rebar imports from the Commerce Department after Gerdau and other U.S. producers pursued anti-dumping actions in 2014, that decision was further appealed to the U.S. Court of International Trade. Since then, Commerce has amended its dumping margin for Turkish rebar from 0.0% to 3.64%. Commerce will submit its final re-determination to the Court of International Trade by April 7.
Still, potential duties of 3.64% are not likely to deter purchasers much. It would take further tariffs to have an effect on domestic prices.