Nucor’s Consumer Spot Price (CSP) -the posted price it charges for hot-rolled coils across all of its mills- was reported higher for the second time in ten weeks today, the mill said in a letter to its customers.
Nucor’s rising CSP price comes as reports of improved domestic finished steel demand and lengthening lead times are balanced by expectations for stable raw material prices in the way of sideways ferrous scrap pricing for November, market insiders told SteelOrbis.
This week’s CSP was reported at $890/nt ($981/mt) or $44.50/cwt., up $5/nt from $885/nt ($976/mt), or $44.25/cwt., one week earlier. Prior to the last two weeks of Nucor price increases, the last time the CSP price rose was during the week of Aug. 25, when the CSP rose $10/nt to $875/nt. The price remained unchanged, despite movement in local HRC spot market pricing, for eight straight weeks.
Nucor’s California Steel Industries (CSI) base price, which also remained steady for eight consecutive weeks, also rose for a second week to $950/nt ($1,047/mt), or $47.50/cwt., up from $945/nt ($1,042/mt) or $47.25/cwt, one week earlier.
In this past week’s spot market trade, the SteelOrbis spot average price for hot-rolled coils on an FOB mill basis, gave back previous weekly $5.00/nt gains to end the week at $815/nt, (898/mt), or $40.75/cwt., off from $820/nt ($904/mt) or $41.00/cwt., seven days earlier.
At current, SteelOrbis weekly spot price data shows current HRC prices remain within earshot of levels seen the week of Feb 10, when talk about tariffs caused prices to spike 13.3 percent from an average $37.50/nt the prior week on a delivered to customer basis, to $42.50/nt.
