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

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

Steel Summit: Burritt says USS and Nippon are fast-tracking modern steelmaking
U.S. Steel President and CEO David Burritt told audiences at SMU's Steel Summit 2025 that the iconic American steelmaker’s partnership with Nippon Steel is fast-tracking smarter steel production.

Nucor moves to stop HRC price slide with $10/ton hike
Nucor is attempting to halt the decline in hot-rolled coil prices with the announcement of a $10-per-short-ton increase in its weekly consumer spot price on Monday.

Explosion rocks ArcelorMittal’s DR plant in Mexico
ArcelorMittal reported a "strong" explosion at the direct reduction part of its massive Lazaro Cardenas mill in Mexico.

SDI to acquire remaining stake in New Process Steel
Steel Dynamics Inc. (SDI) announced that it has agreed to acquire the remaining 55% equity interest in New Process Steel.