Tag: Prices

Nucor upped its consumer spot price (CSP) for hot-rolled coil by $5/st to $1,160/st for the week of Aug. 10.

After a brief delay in regional scrap buying, things are now virtually complete. There was some suspense during the middle of the week that a surprise in scrap prices from the larger mills was in store. Ultimately, however, nothing very dramatic happened.

Recent conversations with some hot-rolled coil spot market participants revealed spiking stress levels amidst a tightening supply of the steel sheet product.

The US domestic scrap market seemed to get off to a fast start on Tuesday, but things have begun to get drawn out again as mills are still considering August pricing. Several of the larger multi-mill buyers have not officially settled.

In recent conversations, some participants predict mill maintenance outages and scheduled updates will crimp an already constricted market.

Most steel buyers report that mills are unwilling to budge on new sheet and plate spot order prices this week. Negotiation rates have been low for most of this year, having recently fallen to one of the lowest measures recorded in almost five years.

SMU’s average price for domestic HR rose to $1,180 per short ton (st) this week, $15/st higher vs. the prior week. In offshore markets last week, prices mainly moved up.

Sheet and plate prices continue to rise on extremely limited spot availability, long lead times, and solid demand, according to market participants.

The August domestic scrap market looks like it might settle early amid continued strong demand for melting stock from domestic steelmakers and high prices for finished steel.

Nucor increased its consumer spot price for hot-rolled coil to $1,155 per short ton for the week of Aug. 3, up $10/st from last week.

This item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com. Chinese steel export prices remained rangebound on persistently weak demand. Indian hot-rolled (HR) coil export prices fell amid elevated freight rates and European caution, while Turkish HR coil export prices came under pressure from EU quota exhaustion.  […]

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.

Hot-rolled coil market participants continue to see spot prices rise alongside the popularity of the beloved, short-spined Seattle raccoon this summer. 

SMU’s sheet and plate price indices were steady to higher this week, with all products at multi-year highs.

Speaking on the company’s second-quarter earnings call, executives described a sheet market defined by broad-based demand, disciplined pricing behavior, and a structural shift in customer buying patterns.

Nucor said its hot-rolled coil consumer spot price will be $1,145 per short ton for the week of July 27, up $10/st.

Sources across the hot-rolled coil spot market said it was somewhat easier to find spot HR, at moderately shorter lead times, and at stable prices in recent days. 

Cleveland-Cliffs Inc. narrowed its losses in the second quarter thanks to increased demand, higher prices, longer lead times, and limited import competition.

The majority of steel buyers responding to our market survey this week report that mills are holding a firm grip on prices

Spot market absorbs price hikes amidst booming plate demand 

Sheet prices continued to grind higher this week on factors familiar to most steel market participants: extremely limited spot availability, long lead times, low inventories, and firm demand.

The galvanized steel market isn't surging anymore; it's grinding.

Nucor said its consumer spot price for hot-rolled coil will be $1,135 per short ton for the week of July 20.

Some hot-rolled coil market participants said they're optimistic that the market will remain strong throughout the rest of the year. 

Despite persistent pricing uncertainty, the Fed's latest Beige Book reported that the US economy continued to expand at a modest pace with labor market conditions improving.

SMU’s average price for domestic HR remained flat, holding firm for the past three weeks. In offshore markets last week, prices mainly moved higher.

Some domestic plate market sources expect spot price rises through the end of the year due to prolonged supply constraints.

The spread between domestic hot-rolled coil and prime scrap prices widened further in July, a trend that started back in September. It’s at its widest level since April 2022.

Nucor plans to increase plate prices by $60 per short ton (st) with the opening of its September order book. It will also maintain its previously announced fuel surcharge of $10/st effective on all shipments beginning August 1

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.