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PrintUS mini-mill steel producer Nucor notified customers Friday that it would decrease net transaction prices by $130/st for steel reinforcing bars effective with shipments beginning Monday, October 13, 2008.
The company explained in a letter to customers that the new transaction levels were based on a reduction of its raw material surcharge for scrap metal to $83/st from $213/st.
The scrap metal surcharge is calculated by subtracting the company's baseline scrap price of $162/st from the monthly benchmark price for shredded auto scrap in the Chicago market, which is currently $245/st, down from $375 in September.
The company said it would continue to monitor the marketplace and respond accordingly to assure customers a competitively priced product.
Nucor previously lowered prices by $70/st on September 10 and $30/st on August 13.
The Platts price assessment for US-made rebar as of last Friday before the Nucor announcement was in a narrow range of $895-905/st ex-works Southeast. –Platts
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