Prices
Nucor Aims to Raise Sheet Prices in First Hike Since March
Written by Michael Cowden
August 8, 2022
Nucor Corp. aims to increase base prices for steel sheet by at least $50 per ton ($2.50 per cwt).
The price hike is effectively immediately and applies to all new orders, the Charlotte, N.C.-based steelmaker said in letters to customers dated Monday, Aug. 8.
“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.
The price hike is the first by Nucor since mid-March, when the steelmaker increased sheet base prices by $125 per ton.
That March price hike was supported by the full-scale invasion of Ukraine in late February by Russian forces. The war led to a temporary shortage of key raw materials such as pig iron and sent hot-rolled coil prices up by roughly $500 per ton over about seven weeks.
Prices have fallen since mid/late April and averaged $805 per ton as of last week. That’s down ~16% from $955 per ton in early July and down ~46% from a post-war peak in late April of $1,480 per ton, according to SMU’s interactive pricing tool.
Some market participants have reported numbers well below that figure in recent days.
SMU will next update prices on Tuesday, Aug. 9.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
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