Steel Mills
Nucor Moves Plate Prices Up $50/ton
Written by David Schollaert
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.
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
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