Steel Prices
Nucor plans to post weekly spot HR price beginning April 8
Written by Michael Cowden
April 4, 2024
Nucor plans to publish a weekly spot price for hot-rolled (HR) coil beginning on Monday, April 8, according to a press release and letters to customers.
The Charlotte, N.C.-based steelmaker said its published HR “consumer spot price” (CSP) would be derived from “both quantitative and qualitative data” in the letter to customers on Thursday, April 4.
The company said it would from April 8 forward update the price every Monday at 10 am ET on its website. The price would be valid from one Monday until the next.
Nucor added that it would also offer lead times for all spot HR orders between three and five weeks “to assist customers with their planning.”
“We are constantly looking for better ways to serve our customers, not only with quality products and services, but also with timely information that will help them make informed decisions for their businesses,” Rex Query, Nucor’s EVP of sheet products, said in the release.
The move marks a stark break from traditional mill sheet pricing practices. US mills might publish target prices when they announce increases. But they rarely communicate spot prices otherwise.
It is too early to tell whether a mill-published price will gain traction in the broader spot market.
Michael Cowden
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