Steel Mills

Nucor Joins $60/ton Sheet Price Hike Parade

Written by Michael Cowden

Nucor Corp. has joined other sheet producers in the US and Canada in a push to raise base prices by at least $60 per ton ($3 per cwt).

The Charlotte, N.C.-based steelmaker said the move was effective immediately for new orders in a letter to customers on Wednesday, Nov. 30.

“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.

Nucor’s move follows increases announced by Cleveland-Cliffs and US Steel on Monday. It also lends the heft of North America’s largest EAF producer to a price hike initiated by two companies traditionally seen as integrated mills.

It’s too early to say whether the increases will stick. But they appear to have at least temporarily put a floor under prices following deep discounting for larger buyers ahead of Thanksgiving.

Steel Market Update’s price for hot-rolled coil stands at $625 per ton, up $10 per ton from last week but down $60 per ton from early November.

By Michael Cowden,

Michael Cowden

Read more from Michael Cowden

Latest in Steel Mills