Nucor says fuel surcharge for plate will be at least $10/ton for May shipments

Nucor announced its fuel surcharge for plate will be at least $10 per short ton (st), effective with shipments beginning May 1.

The Charlotte, NC-based steelmaker said the move was necessary “to address ongoing changes in fuel and transportation costs” in a letter to customers dated April 15.

Nucor said earlier this month that it would implement a fuel surcharge to address rising costs. The company said it would announce the amount of the surcharge on the 15th of each month for shipments beginning the next month.

The Iran War has sent fuel prices sharply higher.

Gasoline prices in the US average $4.09 per gallon, up 10% from $3.72/gallon last month and up 29% from $3.17/gallon a year ago, according to AAA.

Diesel prices are even higher. They stand at $5.61/gallon on average in the US. That’s up 12% from $4.99/gallon a month ago and up 56% from $3.59/gallon a year ago, per AAA.

Plate prices are up, too. SMU’s price assessment for plate stands at $1,185/st on average, up $5/st from last week and up $40/st from last month, according to SMU’s interactive pricing tool.

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.