SMU Data and Models

Nucor Again Maintains Plate Prices

February 16, 2023

Nucor Corp. will again keep plate prices unchanged with the opening of its April order book.

The steelmaker has now repeatedly maintained its plate tags since its sharp price cut in late November when it lowered plate prices by $140 per ton ($7 per cwt).

The Charlotte, N.C.-based steelmaker said the move was effective on Feb. 16, 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.

“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 latest check of the market on Feb. 14 put discrete plate prices at an average of $1,450 per ton ($72.50 per cwt), FOB mill. The price is up just $10 per ton since late December, but down more than 25% from an all-time high of $1,940 per ton in May 2022, according to SMU’s interactive pricing tool.

Since SSAB Americas announced a $60-per-ton plate price increase on Jan. 18, Nucor has kept its plate prices sideways through two pricing announcements.

This latest move may indicate that demand is steady, and not as robust as mills have stated, especially given that service centers reported lower inventories at the end of January amid pricing uncertainty, according to data SMU’s January Service Center Inventories Report.

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.