Nucor said on Tuesday it intends to raise its base prices for sheet steel by a minimum of $40/st. The increase attempt is the second in as many weeks by domestic steelmakers to try and push up steel prices following a nearly yearlong slide.
The Charlotte-based steelmaker said the increase was for all hot-rolled, cold-rolled and galvanized coil products and effective immediately.
At the end of June, multiple domestic steel producers said they would be raising prices by $40/st or announced new higher base prices. The first attempt has been met with mixed reaction. Many market participants were unsure about the timing of the first announcement as the July 4 US holiday was the following week.
Steel prices have not been affected by the first increase despite higher mill offers.
The daily Platts TSI US HRC assessment on Monday had fallen by $11/st to $509.25/st since the first announcements at the end of June and is down by $410.75/st from peaks hit last July.
