Nucor Increases Plate Prices $80-200/ton in Leading Move

The increase – announced on Wednesday, Sept. 22 – marks at least the fifth consecutive month that the Charlotte, N.C.-based steelmaker, the largest in the U.S., has announced substantial price hikes.

Nucor’s new ex-works base price for cut-to-length A36 plate is $1,725 per ton ($86.25/cwt), up from $1,645 per ton last month, according to letters to customers.

The steelmaker’s new price for normalized A516-70 product is $1,925 per ton ($96.25/cwt), up from $1,845 per ton a month prior.

And Nucor’s new base price for quenched-and-tempered Grade A514 material with a Grade B base is now $2,285 per ton ($114.25/cwt), up from $2,085 per ton in July.

The new, higher prices are effective immediately and will be collected along with published extras. “We reserve the right to review and requote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said.

Other plate mills will probably follow Nucor and announce higher prices as well, market participants said.

SMU’s benchmark plate price stands at $1,740 per ton ($87/per cwt), down $5 per ton from a week earlier but $70 per ton higher than $1,670 per ton a month ago, according to SMU’s interactive price tool.

By Michael Cowden, Michael@SteelMarketUpdate.com