SMU annual price review

Steel buyers said Nucor’s price decrease was a public acknowledgement of what most of the market had already known - that sheet prices were moving lower in a more significant way. The question now is whether mills and service centers will manage the decline or whether prices might fall rapidly, they said.

After holding its weekly spot price for hot-rolled (HR) coil steady for three weeks at $930 per short ton (st), Nucor lowered the price this week by $20/st.

US cold-rolled (CR) coil prices edged lower again this week, slipping four weeks in a row now. Most offshore markets mirrored the move, ticking down marginally as well.

Most sheet and plate steel prices declined yet again this week, with four of SMU’s five indices moving lower.