Steel Products

Nucor Announces Another $30 Price Hike

December 8, 2017

On the heels of Wednesday’s $50 per ton increase on carbon plate prices, Nucor today announced an additional $30 per ton increase on hot rolled, cold rolled and galvanized steel products. In a letter to customers, Nucor’s Sheet Mill Group said the price increases are effective immediately on new and unconfirmed orders.

SSAB Americas and ArcelorMittal USA also raised plate prices by $50 per ton earlier in the week.

Nucor’s latest move marks the ninth price change it has announced this year, one in every month except April, May and September. All total, the mill has raised its hot roll price by $285 per ton and cold roll and coated by $275.

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Of course, the nation’s largest steel producer has not collected the sum total of its increases, which are subject to many market factors. Rather, like other mills, it has attempted to raise the price over and over again by just $30 or so, with limited success. At the time of its first price hike in January 2017, the average market price for hot roll was around $620 per ton. The current price is about $615 per ton, according to Steel Market Update data. The peak hot roll price in 2017 was about $655 in March.

Demand remains strong heading into the first quarter and scrap prices have jumped by $20 to $40 per gross ton in recent weeks, signaling that Nucor and the other mills have a good chance to collect at least some of the latest increases.