Nucor First to Make Next Pricing Move
Nucor, Berkley is the first mill to move as they have told their customers spot prices on any remaining August orders will be higher. Hot rolled has been taken up to a $24.00/cwt base ($480 per ton) and Cold Rolled has been moved to a $28.00/cwt base. Their galvanized order book is full for the month of August.
Nucor's Berkley customers are being asked to provide what tonnage they believe they will need from the mill during the month of September as, SMU believes, the mill sets the table for perhaps another price move for September.
As Steel Market Update reported earlier, scrap prices for July are spiking higher between $50 per long ton to as high as $85 per long ton based on a mill transaction made for busheling last week. Higher scrap prices will provide fodder for the mini-mills to take prices higher.
Our sources are advising us mills such as Severstal, Columbus (SeverCorr) continue to have space in early to mid August. So, the Nucor lead times are confusing to some.
If you have information about mill pricing and lead times in your area please feel free to leave me a post on the Blog or send me an email to info@steelmarketupdate.com
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Sincerely,John Packard
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