Steel Mills

Nucor Moves Sheet Up $50/ton, Targets $900/ton HRC
Written by David Schollaert
June 16, 2023
Nucor aims to increase base prices for new orders of steel sheet by at least $50 per ton ($2.50 per cwt), effective immediately.
The Charlotte, N.C.-based steelmaker also said that its new base price for hot-rolled coil (HRC) was $900 per ton.
“We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgment or written acceptance by both parties,” the company said in a letter to customers on Friday, June 16.
Nucor’s move is notable because it piggybacks on its competitor U.S. Steel’s recent pricing notice, which on Wednesday, June 14, announced its own $50-per-ton sheet price hike.
U.S. Steel didn’t set an HRC base price at the time, however.
Some market participants have told SMU that they don’t anticipate the current increases will really stick, but rather to stop the bleeding and create a base price from which to discount.
This is Nucor’s first HRC price increase since March 3, when the steelmaker announced a $150-per-ton increase, effectively pushing HRC base prices to $1,150 per ton. The market was in a different place at the time as tags were at the tail end of a 20-week price rally that swelled by $545 per ton, peaking at $1,160 per ton back on April 11.
SMU’s hot-rolled coil price stands at $930 per ton, down nearly 20% from the 2023 peak, and marking the lowest point for HRC prices since late February.
You can also keep track of prices increases with SMU’s price increase calendar.
By David Schollaert, david@steelmarketupdate.com

David Schollaert
Read more from David SchollaertLatest in Steel Mills

USW seeks clarity on plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.

Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.

ArcelorMittal Mexico to import from sister mills as it works to resume DRI production
ArcelorMittal has partially restarted operations at its direct reduction plant in Lazaro Cardenas, Michoacan. An explosion on Aug. 18 rocked the massive steelworks on Mexico’s Pacific coast, impacting production of direct-reduced iron (DRI).

Fall maintenance outages are coming in hot
Labor Day has passed, the sun is starting to set a little earlier each day, and cooler weather has begun to find its way down to many of us across North America. And you know what that means for the steel industry… Fall maintenance outages!

AISI: Domestic steel production ticks up
US raw steel production ticked up in the week ending on Sept. 6 after a decrease the week before, according to the most recent data from the American Iron and Steel Institute (AISI).