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 another $5/nt higher this week at $1,160/nt ($1,279/mt), or $58/cwt., on an FOB mill basis, up from the previous week's $10/nt gain to $1,155/nt ($1,273/mt), or $57.75/cwt., Nucor said today in a letter to its customers.
Nucor's California Steel Industries (CSI) base price for HRC, posted a smaller $5/nt weekly gain compared with the previous week's $15/nt weekly rise, posting at $1,220/nt ($1,345/mt), or $61/cwt., up from the prior week's FOB mill posting at $1,215/nt ($1,339/mt), or $60.75/cwt.
Flat steel insiders told SteelOrbis recent Nucor CSP price increases reflect continued strength in US finished steel markets as well as the effects of sharp reductions in US finished steel imports that came about as a result of Section 232 steel tariffs which have reduced imports by more than 30 percent versus year-ago levels.
Insiders told SteelOrbis the fact that the Nucor HRC base price continues to increase even as August domestic scrap prices were expected to settle steady to down $20/nt for August during monthly scrap supply negotiations, demonstrates just how tight spot finished steel supplies really are.
Recent elevated oil prices as a result of heightened geopolitical tensions in the Middle East also were said to be boosting the price of delivered steel, especially the price of scant finished steel imports from abroad, as supply is re-routed around the contested Strait of Hormuz and shipping insurance costs remain elevated.
West Texas Intermediate crude oil traded August 10 between $81.50-82.11 per barrel (/bbl), up from $79.00-79.80/bbl, one week earlier. Global oil benchmark Brent crude traded at $83.40-83.83/bbl, up from about $82/bbl one week earlier amid heightened geopolitical pressures as diplomatic solutions over the Strait of Hormuz remain stalled.
As available steel supplies remain reduced by a lack of imports, and as US mills seek to manage annual maintenance requirements during August, September and October, US mills were still reported to be producing at an 81.0 percent capacity level for the week ended Aug. 1, up from 80.5 percent of capacity one week earlier. And while raw steel production was a bit higher on a weekly basis at 1,870,000 net tons, production remains off by 5.6 percent from the same week in 2025.
In weekly HRC spot markets, the SteelOrbis HRC price average price closed the week ended Aug. 7 up another $5/nt to $1,180/nt ($1,301/mt), or $59/cwt., up from $1,175/nt ($1,295/mt), or $58.75/cwt., one week earlier.
Since the end of October, when Nucor's CSP prices started a steady weekly advance following an eight-week period of stability at $875/nt, the CSP has increased about 32.6 percent.
