US steelmaker Nucor has raised its flat rolled steel prices by $100/short ton (st) and set a minimum target price of $1,000/st for hot rolled coil (HRC) products.
The electric arc furnace (EAF) steelmaker made the announcement this morning and it is its third price increase in as many weeks. Nucor has increased prices by $360/st over six price increases since late-November.
While others have yet to follow, the US steelmakers have been increasing prices in lock step with each other over the last three months.
The latest hike, if accepted by buyers, would bring the HRC market to the $1,000/st mark for the first time since 28 June 2022. At that time steel prices were falling after being boosted in March and April as raw material supply uncertainty gripped the US market.
