Nucor, Dofasco increase steel sheet prices

North American steelmakers Nucor and ArcelorMittal Dofasco have joined others in raising sheet prices.

Electric arc furnace (EAF) steelmaker Nucor, one of the largest, increased its price yesterday by $60/short ton (st) on new orders.

Market participants had been waiting for Nucor to announce its own price increase after Cleveland-Cliffs and US Steel increased prices earlier in the week.

Nucor also this week dropped its plate prices by $140/st to $1,480/st. The drop came as plate pricing remains at a significant premium to hot-rolled coil (HRC) prices, which generally track much closer to plate.

Integrated steelmaker ArcelorMittal Dofasco increased prices yesterday by C$80/st ($59.60/st).

Neither listed what minimum prices they are targeting.

The two companies followed $60/st increases by Cliffs and US Steel. Canadian integrated steelmaker Stelco raised prices by C$80/st on 29 November.

While it remains to be seen if the increases will be accepted, more steel buyers see the moves helping to set a price floor.

The Argus US HRC Mdiwest ex-works assessment was assessed at $628/st, flat from the last week and down by 60pc since the beginning of the year.

By Rye Druzin