Steel Mills
Nucor weekly HR price not intended to compete with indices
Written by Ethan Bernard
April 8, 2024
Nucor said its new weekly hot-rolled coil spot price is not meant as a substitute for any current price indices.
“Nucor’s intent is NOT to create or replace any of the indices available,” a spokeswoman told SMU in a statement on Monday (emphasis theirs).
She said the company’s aim “is to provide a real-time, relevant, and transparent price to our customers that enables them to reduce their reliance on speculation and risk.”
“We will support this by managing spot lead times to a 3-5 week window,” she said.
Further, she noted that the weekly price “is forward-looking and not directly based on transactions that occurred during the week(s) prior.”
“It doesn’t mean we won’t use information gathered from the week before to help determine our Monday CSP (consumer spot price) price, but that is not the driving influence,” she added.
Other “quantitative and qualitative data sources” will be used, she said. These include inventory levels, import activity, and underlying demand drivers.
The Charlotte, N.C.-based steelmaker released its first spot price of $830 per short ton earlier today. The move to CSPs was first announced last week.
Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills
Cliffs unveils new hydrogen-powered stainless line in Ohio
CEO Lourenco Goncalves, flanked by state leaders and union reps, touted the project as proof that US manufacturing is not only alive, but also advancing.
Cliffs idles Steelton, Riverdale, and Conshohocken operations
Cliffs has idled facilities in Riverdale, Ill., and Conshohocken and Steelton, Pa.
Radius loss narrows, volumes climb in ‘healthy’ West Coast market
Stronger steel demand in the Western US, rising scrap flows, and improved rolling mill utilization drove sequential gains for Portland, Ore.-based Radius Recycling.
AISI: Raw steel production backs off multi-year high
US raw steel output edged lower last week after hitting a multi-year high in mid-June, according to the American Iron and Steel Institute (AISI).
Private equity firm Atlas Holdings to acquire Evraz North America
Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.