Nucor increases list price for HR to $900/ton

The price hike was effective immediately and applied to all of the company’s mills, with the exception of California Steel Industries (CSI), its West Coast subsidiary.

CSI’s price is now $960/st, which is also up $40/st from $920/st last week. Note that there are few domestic sheet mills west of the Rocky Mountains. And so prices tend to be substantially higher on the West Coast than in markets east of the Rockies.

Nucor also said in the letter that it remained committed to offering lead times of three to five weeks.

US mills have been increasing prices rapidly on higher raw material costs, the threat of President Trump’s tariffs, and a flurry of buying from consumers trying to get ahead of not only the tariffs but also the next round of mill price hikes.

Several domestic mills, including Nucor competitor Cleveland-Cliffs, have been seeking $900/st for HR since mid/late February. And at least one is now offering spot HR at $1,000/st (and $1,200 for cold-rolled and galvanized products) to some customers, market participants told SMU.

SMU’s HR price stands at $880/st on average. We update prices every Tuesday evening. And we will update them again on March 4.