Steel Mills
Nucor Moves Plate Prices Up $50/ton
Written by David Schollaert
March 13, 2023
Nucor Corp. aims to increase base prices for steel plate by at least $50 per ton ($2.50 per cwt) with the opening of its May order book.
The plate increase is the first of its kind for the steelmaker since March 31, 2021, according to SMU’s steel mill price increase calendar. Nucor had repeatedly maintained its plate tags since its sharp price cut in late November when it lowered plate prices by $140 per ton.
The Charlotte, N.C.-based steelmaker said in a letter to customers the move was effective on March 13 and applies equally to rolled, normalized, quench, and tempered plate products.
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 March 7 put discrete plate prices at an average of $1,510 per ton ($75.50 per cwt), FOB mill. The price is up $20 per ton vs. the prior week, but still down more than 22% from an all-time high of $1,940 per ton in May 2022, according to SMU’s interactive pricing tool.
By David Schollaert, david@steelmarketupdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Mills
USS/Nippon deal: Who will have the happiest holidays?
Will Santa bring gifts for the leadership, employees, and shareholders of U.S. Steel and Nippon Steel, and lumps of coal for USW leadership and politicians opposed to the deal?
‘Orderly liquidation’ of AHMSA assets begins
A trustee has formally taken over AHMSA and begun the liquidation process of the bankrupt Mexican steelmaker.
Nippon buying stake in Canadian iron ore project
Nippon Steel and a Japanese trading company have entered an agreement to buy a 49% interest in a Champion Iron ore project in Canada.
USS anticipates Q4 loss on weak demand, BR2 start-up
Amid a challenging pricing and demand environment, and with the ongoing ramp-up of the Big River 2 mill, USS is anticipating a loss for the fourth quarter.
Nucor blames steel mills segment for depressed Q4 guidance
Nucor cited decreased volumes and prices in it steel mills segment as the key driver of its lower guidance for the fourth quarter.