Steel Products
Nucor Raises Sheet Prices by $40 Per Ton
Written by Tim Triplett
October 10, 2018
Nucor’s Sheet Mill Group announced a $40 price hike this morning.
In an Oct. 10 letter to customers, Nucor said that base prices on hot rolled, cold rolled and galvanized steel products would all increase by $40 per ton, effective immediately.
The steel mills have been largely silent on price changes for the past few months. Steel prices have been on a downward slide this year since peaking around $915 per ton in late July. The last time Nucor announced a price increase on flat rolled steel was Jan. 26, when the hot rolled price was at $705 per ton. The current HR price is $835 per ton, according to Steel Market Update data.
Other mills are likely to follow Nucor’s lead in an attempt to stop the price erosion in a market where demand remains solid. Steel Market Update has moved its Price Momentum Indicator from Lower to Neutral.
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
Insteel acquires Liberty’s EWP assets for $70M
Insteel Wire Products Co., a subsidiary of Insteel Industries, has acquired Liberty Steel’s Engineered Wire Products (EWP) for $70 million with cash on hand.
Zekelman Industries files trade petition vs. Mexico
Zekelman Industries has filed a lawsuit in Washington against the Republic of Mexico for allegedly violating trade agreements and dumping steel in the US.
Canada announces remission process for Chinese steel tariffs
The Canadian government announced a remission process for businesses for recently announced tariffs on Chinese steel and aluminum products and electric vehicles .
Active rig counts stable in US and Canada
US drill rig activity saw a slight increase from last week but continues to hover near multi-year lows. In Canada, rig counts dipped last week but near one of the highest levels recorded in the past seven months.
Nucor (officially) holds plate prices steady again
Nucor said it would keep plate prices unchanged in a letter to customers on Wednesday. The Charlotte, N.C.-based steelmaker in addition said it was opening its November order book for plate. The company did not specify what its plate price was. It has officially kept prices flat since cutting them by $125 per short ton (st) on July 1.