Steel Products
Nucor Raises Flat Rolled by Another $40 Per Ton
Written by Tim Triplett
January 8, 2020
As widely expected, Nucor was the first to announce another $40 increase in flat rolled steel prices today. Other steelmakers are likely to follow suit. This represents the fifth round of price hikes by the major mills since late October totaling around $190 per ton.
In a letter dated Jan. 8, Nucor’s Sheet Mill Group notified customers that the base price for new orders of hot rolled, cold rolled and galvanized steel will increase by $40 per ton, effective immediately.
Nucor had previously announced flat rolled increases of $40 on Oct. 25, $40 on Nov. 7, $30 on Nov. 25 and $40 on Dec. 16, which were matched by most mills.
To date, by Steel Market Update estimates, flat rolled steelmakers have managed to collect roughly $120 of the $190 in increases. SMU’s latest market survey puts the benchmark price for hot rolled steel at $590 per ton, up from $470 per ton in late October.
{loadposition reserved_message}
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
FabArc Steel Supply completes projects in Mississippi, Georgia
FabArc Steel Supply announced this week the completion of two large-scale projects in Georgia and Mississippi.
US rig count slips, Canada ticks higher
ncreases through September, according to the latest Baker Hughes rig count data.
CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]
US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."