Steel Mills

Nucor surprises with $65/ton price drop for HRC
Written by Laura Miller
May 6, 2024
Nucor started off May with a bang, dropping its weekly base spot price for hot-rolled (HR) coil by $65 per short ton (st) this week.
Nucor’s Sheet Group said on Monday that its consumer spot price (CSP) for HR coil will be $760/st, effective May 6. That represents a decline of $65/st from last week’s CSP of $825/st and a $70/st decrease since its first published CSP on April 8.
For the first time since the implementation of its new pricing mechanism for HR, Nucor also lowered the CSP for its California Steel Industries (CSI) subsidiary. CSI’s CSP for HR coil had been $890/st since early April, but this week the company lowered it by $50/st to $840/st.
The steelmaker said in a letter to customers that the drop in the CSP was because “spot order activity has been limited and not reflective of underlying demand due to a variety of competitive factors.”
The only competitive factor the letter cited was “what appears to be increasing volumes of speculative purchases of additional tons through contract mechanisms at discounted prices.”

Laura Miller
Read more from Laura MillerLatest in Steel Mills

Op-Ed: Ternium CEO Máximo Vedoya wants a fair future forged in steel
After recently receiving an industry honor on behalf of Ternium, I had the opportunity to reflect and share my vision on the state and future of our industry.

Nippon eyeing new $4B U.S. Steel mill to sweeten deal: Report
Nippon Steel could build a new domestic U.S. Steel mill with a total investment of $4 billion.

Nucor cuts CSP by $20/ton, third straight drop
Nucor has lowered its consumer spot price by $20 per short ton, marking the third consecutive weekly decrease.

Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.

Cliffs talks DOE funding, blast furnace relining schedule
The future of two projects supported in part by funding through the Department of Energy remains uncertain.