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
Read more from Tim TriplettLatest in Steel Mills
Ternium swings to Q3 loss, eyes 2026 recovery
Ternium closed the third quarter with steady shipments and improving margins. But trade policy uncertainty and subdued demand in Mexico weighed on the Latin American steelmaker’s results.
Algoma’s losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.
Cliffs, POSCO announce MoU for ‘transformative’ partnership
Cleveland-Cliffs on Thursday said it had signed a memorandum of understanding (MoU) with POSCO to forge a strategic partnership, one Cliffs bills as "transformative."
Cliffs touts steel stamping solution to replace aluminum in automotive
Cliffs said it successfully completed a defect-free trial production of exposed steel parts using aluminum-forming equipment in collaboration with an unnamed OEM,
Nucor navigates mixed flat-rolled markets with strategic muscle
Nucor entered the fourth quarter with clear forward momentum: stronger-than-expected results, solid sheet and plate demand, and construction progress on a major new mill that should add capacity next year.