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 fourth time in 12 weeks today, the mill said in a letter to its customers.
Nucor’s rising CSP price comes amid reports of improved domestic finished steel demand and lengthening lead times as well as expectations for stable to potentially higher raw material prices in the way of ferrous scrap pricing for December, market insiders told SteelOrbis.
This week’s CSP was reported at $910/nt ($1,003/mt), or $45.50/cwt., up $15/nt from $895/nt ($987/mt) or $44.75/cwt., one week earlier. Prior to the last month of steady 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 at that level, 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, was reported $10/nt higher this week at $960/nt ($1,058/mt) or $48.00/cwt., up from $950/nt ($1,047/mt), or $47.50/cwt., seven days ago.
In this past week’s spot market trade, the SteelOrbis spot average price for hot-rolled coils on an FOB mill basis, increased another $30/nt, following an earlier $10/nt weekly rise to on average $855/nt ($942/nt), or $42.75/cwt.
