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Nucor to raise prices for its steel sheet products

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.

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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, michael.fitzgerald@spglobal.com

--Edited by Dan Lalor, daniel.lalor@spglobal.com