Nucor ( NYSE: NUE ) has hiked its flat steel prices by $150/st , setting a minimum hot-rolled coil price of $1,150/st, Argus reported Friday.
The move comes a few days after Cleveland-Cliffs ( CLF ) raised prices by $100/st , setting an HRC price minimum of $1,100/st.
Argus also reported U.S. Steel ( X ) raised its HRC price minimums up to $1,100/st, according to multiple sources, and Steel Dynamics ( STLD ) reportedly also was receiving $1,100/st.
The Argus U.S. HRC Midwest and south ex-works assessments both rose to $1,000/st on February 28, capping a 59% increase since late November.
Nucor's ( NUE ) "flexible low-cost structure and focus on strategic investments to expand the value-added product mix could result in consistent improvement of the profitability on the EBITDA line," InSight Analytics writes in an analysis posted recently on Seeking Alpha .
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Nucor raises sheet steel by $150/ton, latest in pattern of price hikes