Steel Products

Nucor’s First to Announce Steel Price Hike of $40 Per Ton

June 25, 2019

Nucor’s Sheet Mill Group announced a second price increase on flat rolled steel today. Effective immediately on new orders, prices for Nucor’s hot rolled, cold rolled and galvanized steel products are increased by $40 per ton ($2/cwt).

The notice to Nucor’s customers comes just two weeks after the steelmaker announced the first increase, also of $40 per ton. Other mills immediately followed suit and are likely to do the same again this week (ArcelorMittal has already followed with $40).

Domestic mills are hoping a second announcement will reinforce the first, which is beginning to show signs of traction. Steel Market Update data shows the current average hot rolled price at around $535 per ton, up $15 from last week, which suggests the market’s slide may have finally turned around. The benchmark price for hot rolled steel declined by around 40 percent since peaking at $910 per ton last July.