Steel Mills
Nucor Lowers Plate Prices by $140/Ton
Written by Laura Miller
November 30, 2022
After two months of maintaining plate prices, Nucor Corp. announced it will be lowering plate prices with the opening of its January order book.
In a letter to customers, the Charlotte, N.C.-based steelmaker said prices for as-rolled discrete plate, normalized plate, and quench & tempered plate will all be decreasing by $140 per net ton, effective Nov. 29.
Published adders and extras will continue to be applied, and the company reserves its right to review and re-quote any unconfirmed offers, the letter states.
Nucor last lowered prices for discrete and normalized plate by $120 per ton in September for its November order book.
SMU’s market check this week put discrete plate prices at an average of $1,550 per ton ($77.50 per cwt), FOB mill. The price is down 2.5% from $1,590 per ton one month ago and down 20% from an all-time high of $1,940 per ton in May of this year, according to SMU’s interactive pricing tool.
The move was not unexpected, as some discounting has been reported in recent weeks and demand has been lackluster with buyers remaining on the sidelines, according to SMU’s latest plate market report.
By Laura Miller, Laura@SteelMarketUpdate.com
Laura Miller
Read more from Laura MillerLatest in Steel Mills
Nucor lowers 2024 output estimate for Brandenburg plate mill
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
SSAB adjusts output in weak Q3, readies for Q4 rebound
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
Topalian puts focus on “unfair” trade, eyes USMCA partners
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cliffs sees close of Stelco buy, bottom to steel tags, and Mexico out of USMCA
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Nucor posts lower Q2 earnings, predicts tough Q3 too
Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.