Steel Mills
Nucor Joins $60/ton Sheet Price Hike Parade
Written by Michael Cowden
December 1, 2022
Nucor Corp. has joined other sheet producers in the US and Canada in a push to raise base prices by at least $60 per ton ($3 per cwt).
The Charlotte, N.C.-based steelmaker said the move was effective immediately for new orders in a letter to customers on Wednesday, Nov. 30.
“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.
Nucor’s move follows increases announced by Cleveland-Cliffs and US Steel on Monday. It also lends the heft of North America’s largest EAF producer to a price hike initiated by two companies traditionally seen as integrated mills.
It’s too early to say whether the increases will stick. But they appear to have at least temporarily put a floor under prices following deep discounting for larger buyers ahead of Thanksgiving.
Steel Market Update’s price for hot-rolled coil stands at $625 per ton, up $10 per ton from last week but down $60 per ton from early November.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
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