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According to trade press, domestic long product producers (including industry leader Nucor) are reversing January pricing moves effective immediately, as scrap pricing gains of $30/ton reversed themselves.

Prices for beams and merchants are being reduced by the full $30/ton decline in the scrap surcharge (or 3-4%), while a $15/ton base price increase for rebar, will partially offset the surcharge drop, resulting in a smaller, net transaction price drop of $15/ton (or 2%).

Our full report provides further thoughts about domestic and global steel prices as well as the implication for steel equities.

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