Steel Prices

Nucor aims to keep plate prices unchanged

March 28, 2024

Nucor intends to keep plate prices unchanged with the opening of its May order book, according to a letter to customers dated Thursday, March 28.

The Charlotte, N.C.-based steelmaker said the announcement would be effective with new orders received on Friday, March 29.

The announcement indicates that Nucor will maintain plate prices at $1,290 per short (st), the price it specified in late February. Recall that Nucor in late February slashed plate prices by $90/st.

The push to keep prices flat represents a comparatively bullish stance. It could also help to get buyers off the sidelines, some market participants said.

There had been speculation earlier in March that Nucor might decrease plate prices again on lower scrap tags. Talk that Nucor might instead keep prices unchanged gained momentum following a round of sheet price hikes. Those resulted in hot-rolled coil prices gaining ground recently after a first quarter that saw mostly falling sheet tags.

SMU’s plate price stands at $1,260/st on average, unchanged from a week ago. Our HR price is at $815/st on average, up $15/st from a week earlier. That information comes from our pricing archives, which you can find here.

Michael Cowden

Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.