Steel Products
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.
{loadposition reserved_message}
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.
Beige Book: US markets remain cautious amidst volatile pricing environment
Sluggish economic activity across the US was largely attributed to uncertainty caused by tariff policies and growing cost pressures, according to the US Federal Reserve’s (The Fed) latest Beige Book report. The Fed’s latest economic report, posted on Sept. 3, consists of economic findings from the six weeks preceding Aug. 25 throughout 12 districts. Economic […]
Rig count dips again in both US and Canada
Oil and gas drilling activity waned in the US and Canada this past week. Ticking own for the second straight week in both regions.