Steel Products
Nucor’s First to Announce Steel Price Hike of $40 Per Ton
Written by Tim Triplett
June 25, 2019
Have steel prices finally hit bottom? Nucor is counting on it. The industry-leading steelmaker announced a $40 per ton price increase on it’s flat rolled products earlier today. Other mills are expected to follow suit.
Effectively immediately, the Nucor Sheet Mill Group increased base prices on new orders of hot rolled, cold rolled and galvanized steel by a minimum of $40 per ton.
The benchmark price for hot rolled steel has declined by around 40 percent since peaking at $910 per ton last July. Steel Market Update data shows the current average hot rolled price at less than $550 per ton. SMU has moved its Price Momentum Indicator from Lower to Neutral until the direction of steel prices becomes clear.
Nucor’s last attempt to raise prices was on Feb. 20 when it announced a $40 price hike, along with other major mills, but the increase failed to get any traction in the marketplace.
{loadposition reserved_message}
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
Final Thoughts
The difference: The spat with Turkey was a big deal for steel. This time, the 50% reciprocal tariff for Brazil – if it goes into effect as threatened on Aug.1 – hits everything from coffee and to pig iron. It seems almost custom-built to inflict as much pain as possible on Brazil.
CRU: US rebar and wire rod prices rise alongside S232 increase
CRU Senior Steel Analyst Alexandra Anderson discusses current market and pricing dynamics for long steel products in the US.
CRU: Excessive global supply could hit rebar mill investments in US
Following the onset of the war in Ukraine in March 2022, concerns about import availability and expectations of rising demand from President Biden’s Infrastructure Bill pushed US rebar prices to record highs. In response, a flurry of new mills and capacity expansions were announced to meet the rise in demand from growth in the construction […]
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
CRU: US stainless prices to rise on expanded S232 tariffs
Stainless prices in the US market will rise, following price increases by major US producers. Our base case scenario incorporates higher US prices in the near term, despite the initial negative reaction by the market. US stainless prices will go up in 2025 H2 and will stay elevated in 2026 as tariffs on stainless […]