Following on Monday’s announcement by ArcelorMittal USA and SSAB Americas, Nucor informed customers on Wednesday that it has raised the price of its plate products. Nucor is seeking an additional $50 per ton ($2.50/cwt) on all orders for carbon, alloy and heat-treated plate. The other mills raised their plate price by just $40 per ton ($2.00/cwt).
The market price for plate has declined by around $120 per ton this year, to the current average of $590 from $710 in January, according to Steel Market Update data. The mills hope the increases will put a floor on plate prices ahead of improving demand as coronavirus restrictions are eased.
An increase from Nucor was widely expected following the move by AM and SSAB earlier this week, though the additional $10 was a bit of a surprise.
The last price increase announcements on plate were in early December when Nucor and SSAB sought an additional $50 per ton.
Tim TriplettRead more from Tim Triplett
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