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 up for a 23rd straight week, rising another $5/nt to $1,130/nt ($1,246/mt), or $56.50/cwt., up from last week’s $10/nt rise to $1,125/nt ($1,240/mt), or $56.25/cwt., on an FOB mill basis.
Nucor’s California Steel Industries (CSI) base price, also rose another $5/nt to $1,180/nt ($1,301/mt), or $59.00/cwt., up from last week’s $10/nt rise to $1,175/nt ($1,295/mt), or $58.75/cwt., FOB mill posted price.
Flat steel insiders told SteelOrbis the continued increases in the Nucor CSP primarily remains the result of continued strength in US finished steel markets, the effects of sharp reductions in global finished steel imports as a result of ongoing Section 232 steel tariffs which have reduced finished steel imports by 30.5 percent versus year-ago levels.
And, despite US President Trump’s recent though rocky peace deal with Iran, energy costs will most likely remain elevated short term as markets unwind following more than three months of armed conflict in the Middle East. Elevated energy price levels are likely to continue to contribute to continued strength in finished steel prices, even though trade through the previously US blockaded Strait of Hormuz is now said to be open.
Current West Texas Intermediate crude oil traded at $73.00-75/ barrel (/bbl) on June 22, off from the $80.50/bbl reported a week earlier in reaction to news about the prospects for a new peace deal with Iran. Despite continued ups and downs in weekly WTI values, prices remain at levels not seen since early 2022.
As available supplies remain reduced by a lack of imports, and as US mills seek to manage annual maintenance requirements, insiders said US mills continue to produce at levels in excess of 80.5 percent of capacity to make up local supply shortfalls, insiders said. And while current capacity levels are off from a week earlier reports at 81.3 percent of capacity, weekly data shows current production remains 3.5 percent higher than during the equivalent week in 2025.
Participants in the US domestic ferrous scrap trade said this month’s scrap trade was characterized by a largely sideways trend, despite some early bearish sentiment following the Memorial Day weekend. July scrap is expected to trade flat near June levels, with a potential for higher prime scrap prices mentioned in weekly surveys as prime scrap supplies are said to be more limited than those for cut grades, scrap insiders told SteelOrbis.
In weekly HRC spot markets, the SteelOrbis HRC price average price closed the week ended June 19 up $10/nt to $1,125/nt, ($1,240/mt), or $56.25/cwt., up from last week’s $8/nt increase to $1,115/nt ($1,229/mt), or $55.75/cwt., on an FOB mill basis.
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 29.14 percent.
