Nucor said Tuesday it plans to increase base prices for steel sheet by at least $40/st. The increase initiative is the second attempt by local steelmakers in a few weeks to try and increased steel prices after almost a year of decrease.
The Charlotte-based steelmaker said the increase was made for all hot-rolled, cold-rolled and galvanized coil products and was effective immediately.
At the end of June, many of the local steelmakers said they would increased prices by $40/st or announce new higher base prices. Many market participants weren't sure about the timing of the initial announcement, as the U.S. holiday on July 4 was the following week. Steel prices were not affected by the initial increase, despite high plant bids.
The daily Platts TSI US HRC assessment has decreased from $11/st to $509.25/st since the initial announcement on Monday, decreased by $410.75/st from peaks last July.
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