London — Nucor notified customers on Wednesday it intended to raise its sheet prices by $40/st, marking the first formal price increase since the first quarter.
Receive daily email alerts, subscriber notes & personalize your experience.Register Now
The Charlotte-based steelmaker is the first domestic producer to announce an increase since sheet prices began falling from 10-year highs in July.
The daily Platts TSI hot-rolled coil index has fallen $85.25/st since hitting its peak of $920/st during the first two weeks of July.
The increase will cover its flat-rolled sheet products including HRC, cold-rolled coil and coated material.
Many buyers had been expecting a domestic mill to announce an increase in the near future on the back of some finalized year-end buys. The price hike also comes as buyers have been on the sidelines and hesitant to place orders.
--Michael Fitzgerald, firstname.lastname@example.org
--Edited by Dan Lalor, email@example.com