US flat rolled market leader Nucor Sheet Mill Group advised customers Thursday that it will increase base prices on flat rolled products effective immediately with all new orders.
Citing increased order activity and strengthening demand, Nucor said it will raise its base prices as follows:
- Hot rolled – a minimum of $30/nt ($33/mt or $1.50 cwt.)
- Cold rolled – a minimum of $30/nt
- Galvanized – a minimum of $40/nt ($44/mt or $2.00 cwt.)
This price increase follows a series of flat rolled price hikes implemented by Nucor over the last few months, the latest being a $60/nt ($66/mt or $3.00 cwt.) increase for all flat rolled products that went into effect July 13. Notably, in the August 13 price announcement, the company did not cite escalating raw material costs as a main reason for the price increase as it had in its previous two price announcements.
With Nucor being the price leader for the US flat rolled spot market, other major spot players are expected to follow Nucor's lead and increase their prices to the same degree.