Steel Products Prices North America
Nucor Increases Plate Prices $50/Ton in Leading Move
Written by Michael Cowden
October 22, 2021
Nucor Corp. in a leading move has increased plate prices by $50 per ton ($2.50 per cwt) with the opening of its December orderbook.
The increase – announced on Friday, Oct. 22 and effective immediately – is equal across all plate products.
The Charlotte, N.C.-based steelmaker had in prior months increase prices for quenched-and-tempered plate higher than prices for other plate products.
The announcement also marks at least the sixth consecutive month that Nucor, the largest mill in the North America, has raised prices.
Nucor’s new ex-works base price for cut-to-length A36 plate is $1,775 per ton ($88.75/cwt), up from $1,725 per ton last month, according to letters to customers.
The steelmaker’s new price for normalized A516-70 product is $1,975 per ton ($98.75/cwt), up from $1,925 per ton a month ago.
And Nucor’s new base price for quenched-and-tempered Grade A514 material with a Grade B base is now $2,335 per ton ($116.75/cwt), up from $2,285 per ton in September.
“We reserve the right to review and requote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said.
SMU’s plate price – which takes into account pricing from multiple mills – currently stands at $1,800 per ton ($90/per cwt), up 3.4% from $1,740 per ton from last month and nearly triple $660 per ton a year ago, according to SMU’s interactive price tool.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Products Prices North America
Thin demand keeps plate prices hovering at lowest levels since February
Participants in the domestic plate market say spot prices appear to have hit the floor, and they continue to linger there. They say demand for steel remains thin, with plate products no exception.
SMU Price Ranges: HR crawls back to $800/ton
SMU’s HR price stands at $800/st on average, up $5/st from last week. The modest gain came as the low end of our range firmed, and despite the high end of our range declining slightly.
SMU successfully completes IOSCO review
SMU has successfully completed an external review of all our prices. The review has concluded that they algin with principles set by the International Organization of Securities Commissions (IOSCO).
Domestic plate prices could heat up despite so-so demand, market sources say
Some sources also speculated that plate could see further price increases thanks to modest but steady demand, lower imports, mill maintenance outages, and end markets less immediately affected by tariff-related disruptions.
SMU Price Ranges: HR holds, galv slips amid competing market narratives
SMU’s sheet and plate prices see-sawed this week as hot-rolled (HR) coil prices held their ground while prices for galvanized product slipped.