US steelmaker Nucor has increased its steel sheet prices by $50/short ton (st).
The announcement sent today is the second for the company in the last two months. It previously increased prices by $60/st on 30 November.
Nucor did not specify its minimum price target.
The announcement comes as the US scrap market continues to trade, with the Detroit market initially bidding up $60/gross ton (gt) for prime grades and up $30/gt for obsolete grades. Some scrap dealers are trying to push obsolete prices up by $40/gt, but face resistance. Argus has not yet officially assessed prices for the Detroit market.
If scrap prices increase for January, it will be the second consecutive month to do so after seven months of declines.
Many in the steel market have voiced support for finished steel price increases after they plunged by 57pc over the course of 2022. But some are concerned that prices are rising from a cost push, rather than because of increasing demand, leading them to expect prices to rise only temporarily.
Nucor's announcement follows a $50/st price increase from integrated steelmaker Cleveland-Cliffs on 13 December, which it also used to announce a minimum price target of $750/st for hot rolled coil (HRC).
The Argus US HRC Midwest ex-works assessment is at $683/st.
