Steel Prices
Nucor raises weekly HR price by $10/ton
Written by Laura Miller
May 20, 2024
Nucor upped its published consumer spot price (CSP) this week.
Effective immediately, the steelmaker’s base CSP for hot-rolled (HR) coil is $770 per short ton (st), according to a Monday morning letter to customers.
This week’s price is an increase of $10/st from the CSP of $760/st set on May 6 and maintained on May 13.
The bump-up in price comes after Nucor stunned the market at the beginning of the month by dropping its published HR coil price by $65/st week on week, citing limited spot activity.
The steelmaker said it will continue to offer lead times between 3-5 weeks but to contact the company for availability.
Note that Nucor subsidiary California Steel Industries (CSI) continues to be the odd man out. As the West Coast market is quite different from the rest of the country, CSI’s base HR price this week is $840/st. This is unchanged for a second consecutive week.
Laura Miller
Read more from Laura MillerLatest in Steel Prices
SMU price ranges: Market stabilizes as summer slowdown begins
Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.
CRU: Pig iron prices stable to low in key markets amid soft demand
Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.
SMU price ranges: Indices drop across the board
All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.
HRC vs. prime spread narrows further in May
The price spread between hot-rolled coil (HRC) and prime scrap narrowed again in May, according to SMU’s most recent pricing data.
Miller on Pig Iron: Buyers eye lower prices
Since the US ferrous scrap settlements for May have been finalized, steelmakers are turning their attention to continued pig iron flows with the wind behind their backs.