Steel Products Prices North America
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/f382de83de1890f9ceff9a83f0d707e8.jpg)
CRU to Audit U.S. Midwest HRC Price Data Providers
Written by Tim Triplett
November 19, 2019
CRU has underlined its commitment to ensuring “The CRU,” its U.S. Midwest HRC price, remains the most reliable and trusted reference in the industry by initiating a second audit of its data providers. The audit will be conducted by third-party audit firm PricewaterhouseCoopers LLP (PwC). It has been in planning for some time as a follow-up to our previous third-party audit and as part of our ongoing price governance processes.
The audit will proceed over the coming months, covering active U.S. Midwest HRC price providers to CRU, requiring submission of supporting documentation and evidence. In addition, a sample of data providers will receive a site visit from PwC in order to walk through processes and corroborate responses and supporting evidence provided.
CRU’s network of data providers—those who provide HRC prices to CRU—extends along the supply chain, including mills through steel service centers and end users. It also ranges across firm sizes including large, but also medium-sized and smaller enterprises.
“Building on the previous audit, which focused on reporting processes, this audit will scrutinize data provider adherence with published reporting specifications and the actual values reported,” said CRU Compliance Lead Claire Ballak.
“It will also support the ongoing methodology and definitions development process through the provision of independently-sourced additional information on wider aspects of HRC price reporting to CRU,” added CRU Head of Prices Development Chris Houlden.
CRU’s FOB U.S. Midwest mill HRC price, “The CRU,” is the leading steel price benchmark in North America and is used in the settlement of futures and options contracts on the CME. It is based exclusively on transaction data, to the exclusion of bid/offer or opinions of price information. It helps customers across the steel supply chain manage their commercial operations, mitigate price risk and monitor and analyse the market.
For more detail on CRU’s U.S. Midwest HRC price, please see: https://www.crugroup.com/the-cru/
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/tim-triplett.jpeg)
Tim Triplett
Read more from Tim TriplettLatest in Steel Products Prices North America
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/CRU-Logo-2023-07-21-at-4.35.41-PM.png)
CRU: Longs pricing trends diverge in North, South America
Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Nucor.png)
Nucor cuts plate prices by $125/ton, cites ongoing competition
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Nucor.png)
Nucor cuts HR price for fourth straight week
Nucor lowered its consumer spot price (CSP) for hot-rolled (HR) coil by another $10 per short ton (st) for the first week of July. The steelmaker said in a letter to customers on Monday that its CSP base price for the week will be $670/st for all of its sheet mills with the exception of California Steel Industries (CSI).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Cliffs_logo2.2.png)
Cliffs sets $720/ton HR price with opening of August books
Cleveland-Cliffs on Tuesday announced its monthly hot-rolled (HR) coil price of $720 per short ton (st) with the official opening of its August order book. The rate is down from last month’s price of $800/st.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/CRU-Logo-2023-07-21-at-4.35.41-PM.png)
CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]