Steel Products

Nucor Follows Cliffs, Increases Sheet Prices $50/ton
Written by Michael Cowden
February 25, 2022
Nucor has joined Cleveland-Cliffs Inc. in increasing base prices for steel sheet by at least $50 per ton ($2.50 per cwt).
The move is effective with all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers on Friday, Feb. 25.
“We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said in the letter.
The price hike from North America’s largest steelmaker comes after Cleveland-based Cliffs said on Monday that it was indefinitely idling a blast furnace and increasing prices by $50 per ton effective with April orders.
SMU on Tuesday changed is Price Momentum Indicator to neutral to see what market reaction to any attempted price increases would be.
Hot-rolled coil prices currently stand at $1,020 per ton ($51 per cwt), down 36% from the $1,600 per ton at the beginning of the year and down 48% from a 2020 high of $1,955 per ton recorded in September, according to SMU’s interactive pricing tool.
Nucor last announced a price hike – also of $50 per ton – on Sept. 30, 2020, according to SMU’s mill price increase calendar. HRC prices at the time were at $605 per ton.
By Michael Cowden, Michael@SteelMarketUpdate.com

Michael Cowden
Read more from Michael CowdenLatest in Steel Products

September energy market update
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through September. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.

Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.

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.