Electric arc furnace (EAF) steelmaker Nucor is increasing its sheet prices, taking its cue from a price hike by one of its competitors.
Multiple market sources reported Nucor will raise flat rolled steel prices by $50/short ton (st) and set a minimum hot rolled coil (HRC) price of $800/st. It comes just over a week after it raised prices on 9 January by $50/st.
The company has yet to publish a price announcement.
Combined with a November price increase, Nucor has raised flat steel prices by $160/st.
Integrated steelmaker Cleveland-Cliffs came out Tuesday with its own $50/st price increase and minimum hot rolled coil (HRC) price level of $800/st. The company has also increased its flat steel prices by $160/st since November.
Service centers continued to voice skepticism over the price increases, saying that demand has not increased appreciably and most of this is being driven by higher scrap prices, with prime scrap prices up by $80-90/gross ton in the last two months.
The Argus US Midwest HRC ex-works assessment rose by $22.50/st to $750/st Tuesday.
