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
SMU price ranges: Tags flat or down, sheet momentum ‘lower’
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.
Pig iron markets seek clarity after tariff confusion
The pig iron markets have been quiet for the last several weeks, as tariff implementation on imports into the US became a reality. There has been debate on which party will have to pay the tariff. A recent transaction could provide the answer to that question.
HR Futures: Market at crossroads after turbulent run
The market appears to be pausing after a turbulent run. But tension remains just beneath the surface. With net long positioning still elevated, sentiment-driven selling could quickly reignite volatility. Still, supply constraints and limited imports are laying the groundwork for a resilient physical market. This moment of calm feels more like a crossroads than a conclusion.
CRU: Iron ore falls to a 7-month low on escalating trade war
Iron ore prices were largely steady in March, hovering around $100–102 per dry metric ton (dmt) in a quiet market.
SMU price ranges: Sheet and plate prices retreat from recent highs
Steel prices slipped again this week, with all five of SMU’s sheet and plate indices trending lower for the second week in a row.