Nucor pushes second price increase in two weeks

Electric arc furnace (EAF) steelmaker Nucor increased flat-rolled steel prices by $40/st today, its second such announcement in two weeks.

The steelmaker applied the increase across hot-rolled coil (HRC), cold-rolled coil (CRC), and galvanized products. Market participants expect other steel producers to follow.

The price announcement comes after a first round of price increases were announced 24-25 October, and the Argus weekly domestic US HRC index rose this week by $15/st to $505.50/st ex-works Midwest. Prices have risen from a three-and-a-half year low of $488/st recorded in October.

US ferrous scrap prices have increased by $20/gt during the November buy period.