Electric arc furnace (EAF) steelmaker Nucor is increasing its flat-rolled steel prices by $50/short ton (st).
Nucor's sheet group, which handles hot rolled coil (HRC), cold rolled coil (CRC) and hot dipped galvanized (HDG) coil prices, made the announcement.
The increase comes after integrated steelmaker Cleveland-Cliffs announced its own $50/st price boost on 21 February and the idling of its blast furnace at the Indiana Harbor steelmaking complex.
This is the first public price announcement from Nucor's sheet group since 30 September 2020.
Market sources voiced skepticism at the Cleveland-Cliffs prices increase, which came as prices remain under pressure in a broadly oversupplied market. The Argus US HRC Midwest ex-works assessment has fallen by 35pc since the beginning of the year to $1,029.25/st on 22 February and is down by 48pc since their peak in September 2021.
