Steel Products
February 20, 2019
Nucor Announces Second Sheet Increase in Less Than 30 Days
Written by John Packard
This morning Nucor announced another $40 per ton ($2.00/cwt) “minimum” price increase on flat rolled steel products. The mill advised their customers the increase was to be “effective immediately.” This is the second price increase announcement out of Nucor in less than 30 days. On Jan. 28, 2019, Nucor announced a $40 per ton ($2.00/cwt) increase as they attempted to stop the slide in spot prices.
As is normal practice, Steel Market Update has our Price Momentum Indicator at “Neutral” as we await acceptance or rejection of this latest price announcement. The previous announcement did manage to put a cyclical bottom to the spot market prices after benchmark hot rolled had dropped into the low $600’s per ton.
