Steel Mills

NLMK USA Announces $75/ton Sheet Price Hike

August 26, 2022

NLMK USA is seeking to increase spot base prices for carbon steel sheet by at least $75 per ton ($3.75 per cwt).

The price increase is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled, and coated products in North America, the company said in a letter to its customers on Friday, Aug. 26.

The announcement by the flat-rolled steelmaker replicates a similar increase from other domestic competitors this month and is due to growing order placements and widening lead times, the letter said.

Orders received and not yet confirmed are subject to the increase as well.

Nucor Corp. announced a price hike of $50 per ton in early August, while Cleveland-Cliffs Inc. did the same earlier this week, raising its spot price by $75 per ton.

SMU’s hot-rolled coil price stands at $770 per ton, down $30 per ton from last week and marking the lowest price for HRC since late November 2020.

By David Schollaert, David@SteelMarketUpdate.com

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.