Steel Mills
Nucor Moves Sheet Up $50/ton, Targets $900/ton HRC
Written by David Schollaert
June 16, 2023
Nucor aims to increase base prices for new orders of steel sheet by at least $50 per ton ($2.50 per cwt), effective immediately.
The Charlotte, N.C.-based steelmaker also said that its new base price for hot-rolled coil (HRC) was $900 per ton.
“We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgment or written acceptance by both parties,” the company said in a letter to customers on Friday, June 16.
Nucor’s move is notable because it piggybacks on its competitor U.S. Steel’s recent pricing notice, which on Wednesday, June 14, announced its own $50-per-ton sheet price hike.
U.S. Steel didn’t set an HRC base price at the time, however.
Some market participants have told SMU that they don’t anticipate the current increases will really stick, but rather to stop the bleeding and create a base price from which to discount.
This is Nucor’s first HRC price increase since March 3, when the steelmaker announced a $150-per-ton increase, effectively pushing HRC base prices to $1,150 per ton. The market was in a different place at the time as tags were at the tail end of a 20-week price rally that swelled by $545 per ton, peaking at $1,160 per ton back on April 11.
SMU’s hot-rolled coil price stands at $930 per ton, down nearly 20% from the 2023 peak, and marking the lowest point for HRC prices since late February.
You can also keep track of prices increases with SMU’s price increase calendar.
By David Schollaert, david@steelmarketupdate.com
David Schollaert
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