Nucor, others move to raise sheet prices, announce another $40/st hike

Houston — Steelmaker Nucor was looking to restart pricing momentum Wednesday after a two-week holiday lull by announcing another $40/st price increase for its sheet products. The company's increase was followed by separate independent announcements by ArcelorMittal USA and NLMK USA.

The Charlotte-based company sent a note to customers notifying them of a minimum increase of $40/st for all hot-rolled, cold-rolled and galvanized sheet products, effective immediately.

The increase marks the start of the fifth round of price hikes since late October, totaling $190/st in attempted increases. The daily Platts TSI US HRC index has increased by $112.25 to $583.25/st since bottoming in late October. Prior to the hikes late last year, larger tonnage spot buyers were able to place orders in the low to mid-$400s.

There was no new target minimum base price associated with the increase announcement, but market sources indicated it would likely firm Nucor's latest HRC offers at a minimum of $640/st.

ArcelorMittal USA and NLMK USA were out separately with $40/st price increases for sheet products later in the day Wednesday. Both increase notices were effective immediately.

ArcelorMittal USA said in its letter to customers that it was no longer accepting February orders for hot-rolled coil at its mills.

-- Michael Fitzgerald, michael.fitzgerald@spglobal.com

-- Edited by Bill Montgomery, newsdesk@spglobal.com