Steel Mills
Nucor drops weekly HR coil price by $10/ton
Written by Laura Miller
April 29, 2024
Nucor lowered its weekly base spot price for hot-rolled (HR) coil by $10 per short ton (st) this week.
The Charlotte, N.C.-based steelmaker announced on Monday morning that its consumer spot price (CSP) for the week of April 29 will be $825/st. That’s down from its CSP of $835/st in the last two weeks, and down from its first published CSP of $830/st on April 8.
The CSP is in effect for all of Nucor’s producing mills except for its California Steel Industries (CSI) subsidiary. CSI’s CSP remains at $890/st, unchanged since Nucor implemented its weekly CSP earlier this month.
Nucor reminded customers in a letter that its CSP for HR coil is “derived from both quantitative and qualitative data” and that it will offer lead times of three to five weeks “to aid in supporting your ability to plan better.”
Nucor executives said on an earnings call last week that its CSP is intended to address volatility in the marketplace.
Last week, Cleveland-Cliffs announced it would publish its own monthly base spot price. On Friday, April 26, with the opening of its June order book, the flat-rolled steel producer said its spot HR coil price will be $850/st.
On April 23, SMU pegged spot HR coil prices to be in the range of $785-845/st, with an average of $815/st.
Laura Miller
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