Hot rolled coil prices increased more than 8% from the lowest level in December. Meanwhile, plate prices fell for the first time since September.
Overall, the Crude Steel Monthly Metal Index (MMI) increased 7.98% from December to January.
Nucor, who wanted to continue the upward momentum, announced another $50 per short ton increase in flat rolled steel prices. The steelmaker had previously increased its steel prices by $60 per short ton in late November. This latest increase follows Cleveland-Cliffs' price increase of $50 per short ton. The Ohio-based producer implemented its increase on December 13, raising its minimum HRC price to $750 per short ton.
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