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
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.
Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.
ArcelorMittal Dofasco resumes cokemaking after emergency maintenance
The Canadian steelmaker reported on Sept. 30 that “urgent maintenance” was needed in its coke plant off-gas systems. The work required coke oven gas from the No. 2 coke plant to be flared for most of that week.
AISI: Raw steel production ticks back down
US raw steel output declined last week after increasing the week prior, according to the latest data from the American Iron and Steel Institute (AISI). Output has see-sawed from week to week since mid-August. Still, it has remained historically strong over the past four months and has held near multi-year highs since June. Domestic mills […]