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    SMU Steel Price Ranges & Indices: Another Quiet Week

    Written by Brett Linton


    The steel market has been relatively quiet this week, according to one steel buyer we spoke to earlier today. Steel prices which we have been gathering both from our steel market analysis (survey) as well as through direct contact with buyers found flat rolled steel prices to be mostly unchanged from one week ago. There continues to be talk of higher prices (as in a a price increase) but these comments are now fewer than last week at this time and one domestic steel mill admitted that they did roll back their offers to be closer to $680 than $700 per ton.

    Here is how we are seeing prices this week:

    Brett Linton

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    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.

    Nucor increases spot HR to $1,240/ton

    Nucor said on Monday, Oct. 12, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,240 per short ton (st) this week, a $10/st increase from a week earlier. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,305/st, up $15/st from the prior week. Nucor is still offering lead times of three to five weeks, according to the letter to customers. You can track mill price announcements on our website. Steel Market Update (SMU) published a weekly price assessment on Tuesday, Oct. 6, showing HR coil prices averaging $1,270/st, up $10/st from the previous week. We will update our prices on the evening of Tuesday, Oct. 13.