Steel Mills

Nucor slashes plate prices by $90/st
Written by David Schollaert
February 28, 2024
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its April order book.
The Charlotte, N.C.-based steelmaker said in a letter to customers on Wednesday, Feb. 28, that tags would be lowered by $90 per short ton (st), bringing its base price to roughly $1,290/st.
Nucor said quenched-and-tempered products would “remain unchanged.”
The decrease was effective for new orders received on Thursday, Feb. 29, the company said.
“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 letter said.
It’s Nucor’s second plate price decrease of 2024, and follows last month’s price cut of $50/st announced on Jan. 30.
The move, while expected by many in the market, had mixed reviews Wednesday night after market close. Some question the steelmaker’s approach, while others propose it will only establish a base from which to further discount.
“We, nor anyone else, will buy a ton more,” said a source. “It kills the market. Crickets for the foreseeable future.”
“Predicted $100/t or more, so close,” said another source. “But no one I know will pay this price, more like, ‘Here’s our published price, but let us know what you would like to buy, and let’s talk… .’”
“Yes, a little more than I anticipated, but a barometer of the current plate market,” said a third source. “I expect the Korean mills to be around $54/cwt to $55/cwt on their next offer.”
“Competitive delivered resale prices for base gauge A36 around $67/cwt in the South to $69/cwt in the Northeast,” added another source. “So someone tell me how this latest announcement is relevant?”
To keep track of the latest mill price increases and decreases, visit SMU’s price increase calendar.

David Schollaert
Read more from David SchollaertLatest in Steel Mills

August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.

TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.

Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.

ArcelorMittal Dofasco resumes cokemaking after emergency maintenance
The Canadian steelmaker reported on Sept. 30 that “urgent maintenance” was needed in its coke plant off-gas systems. The work required coke oven gas from the No. 2 coke plant to be flared for most of that week.

AISI: Raw steel production ticks back down
US raw steel output declined last week after increasing the week prior, according to the latest data from the American Iron and Steel Institute (AISI). Output has see-sawed from week to week since mid-August. Still, it has remained historically strong over the past four months and has held near multi-year highs since June. Domestic mills […]