Steel Prices
Nucor (officially) holds plate prices steady again
Written by Michael Cowden
October 9, 2024
Nucor said it would keep plate prices unchanged in a letter to customers on Wednesday.
The Charlotte, N.C.-based steelmaker also said it was opening its November order book for plate.
The company did not specify what its plate price was. It has officially kept prices flat since cutting them by $125 per short ton (st) on July 1.
SMU’s average price has fallen more than that. Our plate price now stands at $920/st on average as of Tuesday, down $200/st from $1,120/st in early July.
Some major domestic mills are offering plate prices as low as ~$860-880/st. And smaller regional players might be in the low $800s per ton, or not much higher than imports on a landed basis, market participants said.
Some also questioned Nucor’s plate price announcements. They cited the discrepancy between prices being officially flat even as tags have steadily eroded in the physical market.
SMU’s plate price is at its lowest point since $880/st in early January 2021, according to our pricing archives. They are also down nearly 53% from an all-time high of $1,940/st reached in the spring of 2022 following Russia’s full-scale invasion of Ukraine in the winter.
The war led to panic over pig iron supplies and the destruction of Azovstal Iron and Steel Works, previously an important supplier of plate and of slab to international markets – including the US.
Michael Cowden
Read more from Michael CowdenLatest in Steel Prices
SMU price ranges: Market stabilizes as summer slowdown begins
Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.
CRU: Pig iron prices stable to low in key markets amid soft demand
Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.
SMU price ranges: Indices drop across the board
All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.
HRC vs. prime spread narrows further in May
The price spread between hot-rolled coil (HRC) and prime scrap narrowed again in May, according to SMU’s most recent pricing data.
Miller on Pig Iron: Buyers eye lower prices
Since the US ferrous scrap settlements for May have been finalized, steelmakers are turning their attention to continued pig iron flows with the wind behind their backs.