Steel Products
Nucor Announces Second Sheet Increase in Less Than 30 Days
Written by John Packard
February 20, 2019
This morning Nucor announced another $40 per ton ($2.00/cwt) “minimum” price increase on flat rolled steel products. The mill advised their customers the increase was to be “effective immediately.” This is the second price increase announcement out of Nucor in less than 30 days. On Jan. 28, 2019, Nucor announced a $40 per ton ($2.00/cwt) increase as they attempted to stop the slide in spot prices.
As is normal practice, Steel Market Update has our Price Momentum Indicator at “Neutral” as we await acceptance or rejection of this latest price announcement. The previous announcement did manage to put a cyclical bottom to the spot market prices after benchmark hot rolled had dropped into the low $600’s per ton.
Current spot prices for hot rolled reported by Steel Market Update on Tuesday evening of this week are averaging $680 per ton, unchanged from one week ago. Mill offers are reported to be concentrated in the $680-$700 per ton range, with some exceptions.
Steel Market Update will provide more details about this increase, how steel buyers are reacting and what direction we anticipate prices to go from here in our Thursday evening issue of the Steel Market Update newsletter.
If you would like to learn more about how to become a Steel Market Update subscriber, please contact Paige Mayhair at Paige@SteelMarketUpdate.com
{loadposition reserved_message}
John Packard
Read more from John PackardLatest in Steel Products
Nucor drops HR spot price to $865/ton
Nucor has lowered its hot-rolled (HR) spot price by another $10 per short ton (st) this week.
SMU Week in Review: Aug. 11-15
With so much happening in the news cycle, we want to make it easier for you to keep track of it all. Here are highlights of what’s happened this week and a few things to keep an eye on.
Active rig count holds in US but grows in Canada
Oil and gas drilling in the US was unchanged this past week following three straight weeks of declining activity. Canada saw another gain, reaching a 22-week high.
Hot-rolled spot market conditions linger, prices slip
Market participants said they have high hopes that the stable hot-rolled spot market will improve as the year rolls on.
Welspun Tubular makes $150M investment in Arkansas line pipe mill
Line pipe manufacturer Welspun Tubular LLC has announced a $150-million expansion project at its site in Little Rock, Ark.