Steel Prices
Nucor aims to keep plate prices unchanged
Written by Michael Cowden
March 28, 2024
Nucor intends to keep plate prices unchanged with the opening of its May order book, according to a letter to customers dated Thursday, March 28.
The Charlotte, N.C.-based steelmaker said the announcement would be effective with new orders received on Friday, March 29.
The announcement indicates that Nucor will maintain plate prices at $1,290 per short (st), the price it specified in late February. Recall that Nucor in late February slashed plate prices by $90/st.
The push to keep prices flat represents a comparatively bullish stance. It could also help to get buyers off the sidelines, some market participants said.
There had been speculation earlier in March that Nucor might decrease plate prices again on lower scrap tags. Talk that Nucor might instead keep prices unchanged gained momentum following a round of sheet price hikes. Those resulted in hot-rolled coil prices gaining ground recently after a first quarter that saw mostly falling sheet tags.
SMU’s plate price stands at $1,260/st on average, unchanged from a week ago. Our HR price is at $815/st on average, up $15/st from a week earlier. That information comes from our pricing archives, which you can find here.
Michael Cowden
Read more from Michael CowdenLatest in Steel Prices
Cliffs to open April spot order book at $900/ton HR
Cleveland-Cliffs said it will open its April order book for spot material at $900 per short ton (st). The Cleveland-based steelmaker said the increase was necessary because of “rapidly changing market conditions” in a letter to customers dated Friday, Feb. 21.
HR Futures: Meaningful rally grips market
Another eventful week in the physical and financial steel markets is coming to a close. Most importantly, this week provided complete clarity that, after months of waiting for a catalyst, we are now definitively in the early stages of a meaningful rally. The 3rd month future (currently the April contract) rose more than 8% for […]
Miller on Raw Materials: Pig iron tags move up, N. Europe scrap imports to US resume
SMU's Stephen Miller provides an update on the raw materials sector.
SSAB Americas hikes plate price again, this time by $100/ton
SSAB has increased plate prices by a total of $240/st in less than a month. That tally results from the current increase, an increase of $80/st in early February, and another of $60/st in late January, according to SMU’s price announcement calendar.
NLMK USA said to be seeking $900/st HR and $1,100/st for tandem products
NLMK USA has opened its April order book at new, higher base prices for steel sheet, according to market participants. The steelmaker is seeking at least $900 per short ton (st) for hot-rolled (HR) coil and at least $1,100/st for cold-rolled and coated products, they said.