Steel Prices
Nucor posts $835/ton spot HR price for this week
Written by David Schollaert
April 15, 2024
Nucor said its spot hot-rolled (HR) coil price for the week of April 15 will be $835 per short ton (st), up $5/st from last week.
The Charlotte, N.C.-based steelmaker said the new price would be effective immediately in a letter to customers on Monday morning.
The exception again is California Steel Industries (CSI), Nucor’s subsidiary in Fontana, Calif. CSI’s spot HR price remained flat at $890/st – reflective of the West Coast market’s somewhat standard premium over markets east of the Rocky Mountains.
Last week’s announcement surprised many in the market who anticipated a higher base price given Cliffs’ target of $900/st. The move might have, in part, stalled the upward momentum that had seen HR coil prices jump $50/st in less than two weeks after reaching a recent bottom of $795/st, on average, on March 19.
Market reaction has been largely neutral to date. But still, over a quarter of SMU’s survey respondents view this latest trend by the steelmaker as positive, with the remaining not so keen on the prospect of a mill-published price.
This break from traditional sheet mill pricing practices will likely keep the market talking.
David Schollaert
Read more from David SchollaertLatest in Steel Prices
Brazil pig iron community reacts before US tariff takes hold
The Brazilian pig iron community is playing defense ahead of the Aug. 1 deadline for a 50% US tariff on imports from the South American country. The moves indicate the Brazilian producers do expect the tariff to go into effect.
US CRC prices dip, widening gap vs. imports
Cold-rolled (CR) coil prices continued to decline in the US this week, while prices in offshore markets ticked higher.
HR Futures: Curve switches gears
After a period of backwardation driven by headlines and CRU index anchoring, the CME HRC curve structure has undergone a notable shift.
US HR prices remain sharply higher than EU HR on 50% S232
Hot-rolled (HR) coil prices in the US edged lower again this week but have remained in a tight band for roughly four months. Stateside prices continue to trail imports from Europe, supported by Section 232 steel tariffs that were doubled in early June.
SMU price ranges: Sheet and plate drift lower as summer lull continues
Steel prices continued to decline this week across all of the sheet and plate products tracked by SMU, pressured by short lead times and the typical summer slowdown.