Electric arc furnace steelmaker Nucor increased steel sheet prices by $50/short ton today, the first announced increase since the end of February.
Nucor may be aiming for a hot-rolled coil (HRC) price range between $850-900/st, according to market participants. The company does not publish its minimum HRC price levels. The Argus US HRC Midwest ex-works assessment has fallen since mid-April by 45pc to $822/st on 2 August.
US HRC prices have been falling for months, driven lower by consumer demand that is flat to down and tight inventory management by service centers.
