Steel Prices
Nucor increases sheet prices, seeks $1,100/ton HRC
Written by Michael Cowden
November 27, 2023
Nucor aims to increase base prices on all new sheet orders, effective immediately.
The Charlotte, N.C.-based steelmaker is seeking at least $1,100 per ton ($55 per cwt) for hot-rolled coil (HRC), according to a Monday letter to customers.
That is up $150 per ton from the $950 per ton the company announced on Nov. 8, per SMU’s price increase calculator.
Nucor said it was also targeting at least $1,300 per ton for heavy-gauge hot-rolled products (>0.75 inches thick). That’s up $150 per ton from its previous target price.
Michael Cowden
Read more from Michael CowdenLatest in Steel Prices
Nearby HR futures pull back as 2024 nears end
After experiencing a rally ahead of the 2024 election, the nearby part of CME HRC futures complex has softened as we approach year-end. Meanwhile, the forward positions (second half of 2025) have remained supported and largely unchanged.
Domestic HR, offshore prices decline
US hot-rolled (HR) coil prices slipped this week, while tags in offshore markets were also largely down. Thus, the price premium between stateside hot band and imports on a landed basis was relatively unchanged.
SMU price ranges: Sheet slide over amid mill price increase rumors?
SMU’s flat-rolled steel prices were mixed this week with slight declines across most products and a modest increase in prices for cold-rolled coil.
US CR, import prices edge back down
The price spread between US-produced cold-rolled (CR) coil and offshore products slipped in the week ended Nov. 15, on a landed basis.
HRC vs. prime scrap spread flat in November
The price spread between hot-rolled coil (HRC) and prime scrap remained the same in November as both tags were at the levels seen a month earlier, according to SMU’s most recent pricing data.