Steel Prices

USS increases sheet prices $30/ton
Written by Michael Cowden
October 24, 2024
U.S. Steel aims to increase spot prices for all new orders of flat-rolled steel by at least $30 per short ton (st), according to an internal letter dated Thursday, Oct. 24.
The Pittsburgh-based steelmaker said the price hike was effectively immediately and also applied to material from Big River Steel, its EAF sheet mill in Osceola, Ark.
“Please communicate the details of this increase to our customers as soon as possible,” James Bruno, SVP of business development and president of U.S. Steel’s mill in Kosice, Slovakia, said in the letter.
U.S. Steel’s price hike comes after Nucor, ones of its competitors, kept its prices flat this week at $720/st. The Charlotte, N.C.-based steelmaker had cut them by $10/st a week earlier. Nucor will next update its prices on Monday.
U.S. Steel has not announced a price increase since October 2023, when it tried to raise sheet prices by $100/st, according to SMU’s price announcement calendar. That was before Nippon Steel announced its planned acquisition of the company in December of last year.

Michael Cowden
Read more from Michael CowdenLatest in Steel Prices

SMU Price Ranges: Tags mixed as uncertainty weighs on market
SMU’s hot-rolled (HR) coil price held steady this week while prices for other sheet and plate products declined.

Nucor spot HR list price unchanged at $875/ton
Nucor kept its weekly list price for hot-rolled (HR) coil unchanged this week, following a price bump of $10 per short ton (st) last week.

Spread between US HRC and imports holds
Domestic hot-rolled (HR) coil prices were flat this week, while offshore prices varied week over week (w/w). The price margin between stateside and foreign product was little changed as a result.

Steelmaking raw material prices hold steady
Most steelmaking raw material prices we track saw little change across the month of August. Iron ore, pig iron, shredded scrap, busheling scrap, zinc, and aluminum prices all held relatively steady,

SMU Price Ranges: Sheet and plate hold steady
Steel prices remained largely unchanged this week, staying at or near lows last seen in February. All five sheet and plate products tracked by SMU moved by no more than $5 per short ton (st) from the previous week.