Steel Products Prices North America

Three Steel Mills Announce Flat Rolled Price Increases

November 16, 2017

Nucor became the first sheet mill to step out and attempt to nudge hot rolled, cold rolled and galvanized steel prices higher. On Wednesday afternoon the Nucor Sheet Group announced a new $30 per ton ($1.50/cwt) price increase to be “effective immediately.”

The Nucor announcement was quickly matched by NLMK USA who put a letter out to their customers of their intention to take spot pricing up by $30 per ton ($1.50/cwt).

ArcelorMittal USA also came out with an email to their customers advising that they too are taking spot transactions up by $30 per ton. In October, ArcelorMittal USA was the first to make a flat rolled price increase announcement and instead of moving by a set dollar per ton amount they instead provided minimum base prices. Hot rolled was $625 per ton ($31.25/cwt) with cold rolled and coated products being $200 per ton higher at $825 per ton ($41.25/cwt). ArcelorMittal did not provide base price guidance related to the latest price announcement.

AK Steel, which hasn’t made an announcement since September 6, 2018, has so far remained moot. The other mills not referenced above are thinking through the process and have not yet advised their customers.

Nucor Sheet Group has announced seven (7) price increases during this calendar year totaling $225 per ton on hot rolled and $215 per ton on cold rolled and coated products. The last increase prior to this week was +$40 per ton made on October 18.

Steel Market Update has hot rolled as averaging $605 per ton this week prior to the announcement. Cold rolled average was reported to be $795 per ton ($39.75/cwt) and galvanized at $770 per ton ($38.50/cwt).