Steel Mills

Nucor Moves Plate Prices Up $50/ton

March 13, 2023

Nucor Corp. aims to increase base prices for steel plate by at least $50 per ton ($2.50 per cwt) with the opening of its May order book.

Nucor The plate increase is the first of its kind for the steelmaker since March 31, 2021, according to SMU’s steel mill price increase calendar. Nucor had repeatedly maintained its plate tags since its sharp price cut in late November when it lowered plate prices by $140 per ton.

The Charlotte, N.C.-based steelmaker said in a letter to customers the move was effective on March 13 and applies equally to rolled, normalized, quench, and tempered plate products.

Published adders and extras will continue to be applied, and the company reserves the right to review and requote any unconfirmed offers, the letter said.

“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,” the company said.

SMU’s latest check of the market on March 7 put discrete plate prices at an average of $1,510 per ton ($75.50 per cwt), FOB mill. The price is up $20 per ton vs. the prior week, but still down more than 22% from an all-time high of $1,940 per ton in May 2022, according to SMU’s interactive pricing tool.

By David Schollaert, david@steelmarketupdate.com

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.