Product

Nucor, U.S. Steel Seek $40 Increase for Flat Rolled

October 25, 2019

Nucor and U.S. Steel raised prices on their flat rolled products by $40 per ton ($2/cwt) today, following on similar announcements by ArcelorMittal and NLMK USA yesterday. The mills are hoping to reverse the slide that has taken the benchmark price of hot rolled steel from more than $700 per ton to less than $500 per ton since the beginning of the year.

Nucor’s Sheet Mill Group informed customers Friday that the base price of its hot rolled, cold rolled and galvanized products would increase by $40 per ton, effective immediately.

U.S. Steel notified its North American Flat-Rolled Sales Organization Friday that base pricing for new spot orders of all flat rolled products would increase by a minimum of $40 per net ton. Pricing extras, as published, continue to apply.

The price hike by the major flat rolled mills, the first since late July, was widely anticipated in the marketplace and welcomed by service centers who have seen the value of their inventories and profit margins erode. Even with the support of the distributors, it remains to be seen how much of the increase the mills will manage to collect, and for how long. Similar increases earlier this year produced only small, temporary bumps in spot steel prices.

{loadposition reserved_message}