Steel Mills

Nucor Maintains Plate Prices

January 27, 2023

Nucor Corp. will keep plate prices unchanged with the opening of its March order book. The steelmaker has now maintained its plate tags since its sharp price cut in late November.

The Charlotte, N.C.-based steelmaker said the move was effective on Jan. 26, according to a letter to customers.

Published adders and extras will continue to be applied, and the company reserves the right to review and requote any unconfirmed offers, the letter said.

Nucor last lowered plate prices by $140 per ton ($7 per cwt) in November for its January order book, and by $120 per ton ($6 per cwt) in September for its November order book.

SMU’s latest check of the market on Jan. 24 put discrete plate prices at an average of $1,430 per ton ($71.50 per cwt), FOB mill. The price is down just $10 per ton since late December, but down more than 26% from an all-time high of $1,940 per ton in May of 2022, according to SMU’s interactive pricing tool.

The market was waiting to see what Nucor would do after SSAB Americas announced a $60-per-ton plate price increase on Jan. 18. The latest move is likely an indication that demand is steady, with inventories well balanced as sources have suggested.

By David Schollaert, david@steelmarketupdate.com

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.