Steel Products

Nucor Raises Sheet Prices by $40 Per Ton

Written by Tim Triplett

Nucor’s Sheet Mill Group announced a $40 price hike this morning.

In an Oct. 10 letter to customers, Nucor said that base prices on hot rolled, cold rolled and galvanized steel products would all increase by $40 per ton, effective immediately.

The steel mills have been largely silent on price changes for the past few months. Steel prices have been on a downward slide this year since peaking around $915 per ton in late July. The last time Nucor announced a price increase on flat rolled steel was Jan. 26, when the hot rolled price was at $705 per ton. The current HR price is $835 per ton, according to Steel Market Update data.

Other mills are likely to follow Nucor’s lead in an attempt to stop the price erosion in a market where demand remains solid. Steel Market Update has moved its Price Momentum Indicator from Lower to Neutral.

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