Steel Products
Nucor Hikes Sheet Prices, Seeks $800/ton HR Base
Written by Michael Cowden
October 19, 2023
Nucor Corp. aims to raise base prices for hot-rolled coil to a minimum of $800 per ton ($40 per cwt).
The Charlotte, N.C.-based electric-arc furnace (EAF) steelmaker said it would also seek at least $1,000 per ton for heavy-gauge hot-rolled products.
The company said the price increase was effective immediately in a letter to customers dated Thursday, Oct. 19.
Nucor did not specify the amount of the price hike. It does, however, represent a $50-per-ton increase over the $750 per ton HR that Cleveland-Cliffs announced as a target base price for HR last month.
SMU’s average hot-rolled coil price stands at $725 per ton, up $80 per ton from a 2023 low of $645 per ton recorded in late September.
Michael Cowden
Read more from Michael CowdenLatest in Steel Products
Active rig count declines in US, Canada
Oil and gas drilling activity slowed in the US and Canada this past week. An unfamiliar trend after both regions saw repeated gains of late.
Plate market buzzes with rumors of secret deals from mills
Carbon steel plate market participants suspect that this week’s modestly softer prices are the result of quietly negotiated prices between plate purchasers and mills.
HR Futures: Forward curve shifts lower, structure maintains
Scraping lower-quartile $800s on nearby futures is bringing limited trading ideas for CME hot-rolled coil (HRC) at present.
Nucor drops HR spot price to $865/ton
Nucor has lowered its hot-rolled (HR) spot price by another $10 per short ton (st) this week.
SMU Week in Review: Aug. 11-15
With so much happening in the news cycle, we want to make it easier for you to keep track of it all. Here are highlights of what’s happened this week and a few things to keep an eye on.