SMU Data and Models

Nucor Joins Price Hike Parade, Increases Sheet $50/ton

February 3, 2023

Nucor Corp. has joined the push to increase sheet prices by at least another $50 per ton ($2.50 per cwt).

The Charlotte, N.C.-based steelmaker, the largest in the US, said the move was effective immediately for base prices on new orders.

Nucor The company made the announcement in a letter to customers dated Friday, Feb. 3.

“We reserve the right to review and requote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” Nucor said in the letter.

Nucor’s price hike follows increases of the same amount announced on Thursday by Cleveland-Cliffs and NLMK USA.

Cliffs set a target base price of $850 per ton for hot-rolled coil. NLMK USA upped the ante to $875 per ton. Nucor did not announce a target price for hot band.

Nucor’s move is also notable because it and Cliff’s had in recent months been announcing price hikes at different times. Steel mills in the past have typically announced price hikes within days of each other.

Steel Market Update’s hot-rolled coil price currently stands at $780 per ton, up 12% from $695 per ton at the beginning of the year and up 27% from a 2022 low of $615 per ton recorded in November, according to our interactive pricing tool.

We update our prices on Tuesday, so our current price does not reflect the latest round of increases. We will update prices again next week, when the impact of the increases should be more pronounced.

By Michael Cowden, michael@steelmarketupdate.com

Michael Cowden

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He has since 2014 specialized in flat-rolled steel but has previously reported on steel long products, steel pipe and tube as well as aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago - where he was involved in launching AMM's daily hot-rolled coil index, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.