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

US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."

Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.

CRU: Construction of pilot plant for green steel process starts
Voestalpine and partners have begun building an industrial-scale Hy4Smelt demonstration plant in Linz, Austria, which they hope will become key in the decarbonization of steel.

Rig count increases in the US and in Canada
Oil and gas drilling activity increased this week in the US and Canada for the third consecutive week, according to the latest Baker Hughes rig count data. US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.