Steel Mills
Nucor’s First to Announce Steel Price Hike of $40 Per Ton
Written by Tim Triplett
June 25, 2019
Have steel prices finally hit bottom? Nucor is counting on it. The industry-leading steelmaker announced a $40 per ton price increase on it’s flat rolled products earlier today. Other mills are expected to follow suit.
Effectively immediately, the Nucor Sheet Mill Group increased base prices on new orders of hot rolled, cold rolled and galvanized steel by a minimum of $40 per ton.
The benchmark price for hot rolled steel has declined by around 40 percent since peaking at $910 per ton last July. Steel Market Update data shows the current average hot rolled price at less than $550 per ton. SMU has moved its Price Momentum Indicator from Lower to Neutral until the direction of steel prices becomes clear.
Nucor’s last attempt to raise prices was on Feb. 20 when it announced a $40 price hike, along with other major mills, but the increase failed to get any traction in the marketplace.
Tim Triplett
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