Steel Products
Nucor Follows Cliffs, Increases Sheet Prices $50/ton
Written by Michael Cowden
February 25, 2022
Nucor has joined Cleveland-Cliffs Inc. in increasing base prices for steel sheet by at least $50 per ton ($2.50 per cwt).
The move is effective with all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers on Friday, Feb. 25.
“We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said in the letter.
The price hike from North America’s largest steelmaker comes after Cleveland-based Cliffs said on Monday that it was indefinitely idling a blast furnace and increasing prices by $50 per ton effective with April orders.
SMU on Tuesday changed is Price Momentum Indicator to neutral to see what market reaction to any attempted price increases would be.
Hot-rolled coil prices currently stand at $1,020 per ton ($51 per cwt), down 36% from the $1,600 per ton at the beginning of the year and down 48% from a 2020 high of $1,955 per ton recorded in September, according to SMU’s interactive pricing tool.
Nucor last announced a price hike – also of $50 per ton – on Sept. 30, 2020, according to SMU’s mill price increase calendar. HRC prices at the time were at $605 per ton.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Products
US CRC prices move ahead of imports
US cold-rolled (CR) coil prices moved higher again this week, while offshore prices were mixed.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
SMU scrap market survey results now available
SMU’s ferrous scrap market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “ferrous scrap survey” results. Past flat-rolled survey results are also available under that selection. If you need help accessing the survey results, […]
Don’t miss next week’s Community Chat with Algoma Steel CEO Michael Garcia
Algoma Steel CEO Michael Garcia will be the featured guest on SMU’s Community Chat webinar on Wednesday, April 9, at 11 a.m. ET. Register here for free to join the timely conversation. As a key Canadian flat-rolled steel producer and supplier to the US, Algoma can offer valuable insight into the evolving tariff landscape — its challenges […]
AISI: US steel shipments decline in February
Domestic steel shipments decreased month over month and year on year in February, according to the latest data from the American Iron and Steel Institute (AISI).