Steel Products
Nucor Raises Plate Price by $40 Per Ton
Written by Tim Triplett
October 23, 2018
The Nucor Plate Group announced today, Oct. 23, that it is raising transaction prices on carbon and alloy plate and heat-treated plate by $40 per ton ($2.00/cwt). The increase takes effect immediately on all new orders promised on or after Jan. 1, 2019. All published extras will be applied. Nucor’s last price hike on plate was a $50 increase announced Feb. 14.
The change in the plate price follows on the increase announced Oct. 10 by Nucor’s Sheet Mill Group raising the price of hot rolled, cold rolled and galvanized products by $40 per ton.
Domestic plate mills have been on controlled order entry for months with lead times extended to 6-10 weeks as demand has outpaced supply. Plate prices have been relatively stable (see chart below), compared to flat rolled prices, which have been on the decline since this summer. However, Steel Market Update data showed plate prices slipping by about $10 last week to an average around $995 per ton.
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.