Sharp increase in scrap surcharge by Nucor

Sharp increase in scrap surcharge by Nucor

According to recent market reports, major US steel producer Nucor Corp. will hike its raw material surcharge on flat rolled steel in August due to price increases recorded in the last few weeks as a consequence of shrinking scrap supply. As of August 1, Nucor plans to apply a $100 to $180 increase in surcharges for flat rolled product shipments, the largest increase ever made by the company since the beginning of this year. Shrinking in scrap supply reportedly derives from strong demand from producers and slackening in production of auto makers.