Charlotte, North Carolina-based Nucor’s Consumer Spot Price (CSP) -the posted base price it charges for hot-rolled coils (HRC) across all of its regional mills- was reported higher for a 16th week today, rising another $5/nt to $1,070/nt ($1,179/mt), or $53.50/cwt., up from last week’s $10/nt rise to $1,065/nt ($1,174/mt), or $53.25/nt.
Nucor’s California Steel Industries (CSI) base price, also rose another $5/nt, to $1,120/nt, $1,235/mt), or $56.00/cwt., up from $1,115/nt, ($1,163/mt), or $55.75/cwt., one week earlier.
Insiders told SteelOrbis the Nucor CSP increases are primarily due to continued strength in US finished steel markets, the result of sharp reductions in global finished steel imports -the effect of ongoing Section 232 steel tariffs. Finished steel imports remain off about 38 percent versus year-ago levels.
Continued hostility in the Middle East and the Strait of Hormuz continue to cause global oil prices to spike to levels not seen since 2022. Today West Texas Intermediate crude oil traded at $105/barrel, up about 4 percent from the close of trading this past week.
As available supplies remain reduced by a lack of imports, insiders said US mills are now running near 80 percent of capacity to make up local supply shortfalls. And, as mill output now exceeds levels not seen since August 2024, high raw material prices in the form of domestic ferrous scrap also continue to be supportive of flat steel pricing.
In weekly HRC spot markets, the SteelOrbis HRC price average price closed the week ended May 1, up $10/nt to $1,063/nt ($1,172/mt), or $53.15/cwt., up from $1,053/nt ($1,161/mt), or $52.65/cwt., on an FOB basis, one week earlier.
US spot supplies of finished steel have remained under pressure recently from a continued paucity of steel imports, the result of ongoing 50 percent Section 232 steel import tariffs, put in place by US President Trump in June 2025.
Since the end of October, when CSP prices started a steady weekly advance following an eight-week period of stability at $875/nt, the Nucor CSP has increased more than 22.2 percent.
