Nucor Steel Announces Third $40 Price Hike in the Past Month

Nucor’s Sheet Mill Group informed customers today that it is increasing base prices on new orders of flat rolled steel by an additional $40 per ton ($2/cwt), effective immediately. The announcement marks the third $40 increase by the market-leading steelmaker in the past month. The $40 price hike applies to all unconfirmed orders of hot rolled, cold rolled and galvanized steel products. Other mills are likely to follow Nucor’s lead soon, as they did with the first two increases.

Earlier today, ArcelorMittal USA announced higher minimum base prices of $630 per ton for hot rolled steel and $800 per ton for cold rolled and coated products, setting a clear target for what the mills hope to collect. The $630 per ton benchmark for hot rolled is in line with Nucor’s $120 in total increases added to the market’s low of approximately $510 per ton reached last month.