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 14th week today, rising $10/nt to $1055/nt ($1,163//mt), or $52.75/cwt., up from $1,045/nt ($1,152/mt), or $52.25/cwt., FOB mill, one week earlier.
Nucor’s California Steel Industries (CSI) base price, also rose another $10/nt, to $1,105/nt ($1,218/mt), or $55.25/cwt., up from $1,095/nt ($1,207/mt), or $54.75/cwt., on an FOB mill basis, one week prior.
The Nucor CSP increase is the result of continued strength in US scrap prices, low imports as a result of ongoing Section 232 steel tariffs, and continued reports of full order books and backlogs spurred by extended lead times for new flat steel production at domestic mills, now estimated at 7-8 weeks, market analysts told SteelOrbis.
In weekly HRC spot markets, the SteelOrbis HRC price average price closed the week ended April 17, up $10/nt to on average $1,050/nt ($1,157/mt), or $52.50/cwt., up from $1,040/nt ($1,146/mt), or $52.00/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 early June.
Some steel insiders hinted this week to SteelOrbis that flat steel pricing could be approaching a peak as monthly scrap prices have begun to decline with April Midwest shredded scrap traded this past week $20/gt less at $430/gt. Prime busheling scrap in the US Midwest also sold at levels steady to March levels at $450/gt, on a delivered to customer basis.
