Steel Products Prices North America

Nucor Raises Plate Price by $40 a Ton

July 28, 2019

Nucor’s Plate Group notified customers on Friday that it is raising the price of carbon and alloy plate and heat-treated plate by a minimum of $40 per ton ($2/cwt), effective immediately on all new spot orders.

“In recent weeks, plate pricing has fallen to unsustainable levels. While end-use demand and project business remains stable, the spot market has continued to deteriorate,” the mill stated in its letter to customers.

Steel Market Update data shows the current average price of steel plate at around $780 per ton, with lead times of two to five weeks, down from more than $1,000 a ton at the beginning of the year.

Nucor, along with most other mills, has raised flat rolled steel prices three times in the past month by a total of $120 per ton, but this announcement by Nucor is the first for plate products in about nine months. According to SMU’s records, the last time Nucor raised the price of plate was Oct. 23, 2018.