Prices
Nucor Aims to Increase Sheet Prices by $50 per Ton
Written by Michael Cowden
January 9, 2023
Nucor plans to increase base prices for all new orders of steel sheet by $50 per ton ($2.50 per cwt).
The price hike is effective immediately, the Charlotte, N.C.-based steelmaker said in a letter to customers on Monday, Jan. 9.
“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 comes after Cleveland-Cliffs Inc. announced a price hike of the same amount in mid-December.
NLMK USA and ArcelorMittal followed that increase. Other major steelmakers, notably Nucor and US Steel, did not. (Note: Steel Dynamics Inc. does not typically announce price increases.)
But some market participants had expected another round of mill price-increase announcements linked to higher January scrap costs.
SMU’s hot-rolled coil price currently stands at $695 per ton ($34.75 per cwt), up 13% ($80 per ton) from a 2022 low $615 per ton recorded before Thanksgiving.
Mills began announcing sheet price increases the following week, and prices have been on an upswing since then.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
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