Plate
March 31, 2022
Nucor Raises Plate Prices $55-120/ton With Opening of May Book
Written by Michael Cowden
Nucor aims to increase plate prices by between $55 per ton ($2.75 per cwt) and $125 per ($6.25 per cwt) depending on the product.
The Charlotte, N.C.-based steelmaker said the price hike was effective with new orders received on Thursday, March 31, in a letter to customers dated the same day.
The company made the announcement with the opening of its May orderbook for plate.
The $55-per-ton price increase applies to as-rolled and normalized plate. Quenched-and-tempered product is up $100 per ton. And cut-to-length material is up $125 per ton, Nucor said.
“All published adders/extras will be applied,” the company added.
Nucor also increased prices in early March by a comparatively modest $40 per ton with the opening of its April orderbook.
Plate prices were high at the beginning of the year and – unlike sheet prices, which collapsed in January and February – have remained so.
SMU’s plate price stands at $1,845 per ton, up 2.2% from $1,805 per ton in late February and up 2.8% from $1,795 per ton at the beginning of the year.
Some market participants questioned whether plate demand justified a potentially big increase in prices.
By Michael Cowden, Michael@SteelMarketUpdate.com
