Nucor’s (CSP) -the price charges for hot-rolled coils across all of its mills- crept higher again this week, reaching its highest level since its inception in April 2024, following the March 12 all-nation start of 25 percent tariffs on steel and aluminum imports brought into the US, market insider told SteelOrbis this week.
And while new Section 232 tariffs could further reduce imports of finished steel and scrap into the US, allowing domestic producers more levity to raise prices, the extent of recent increases from domestic mills might be starting to narrow as higher prices make imports more cost competitive. On March 6, US President Trump paused the start of steel and aluminum tariffs on Canada and Mexico on goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2, when the start of reciprocating tariffs on all nations currently imposing tariffs on the US is slated to start.
In its usual Monday letter to its customers, Nucor reported its CSP rose another $5/nt ($6/mt), to $935/nt ($1,031/mt), or $46.50/cwt., up from, this past week’s $15/nt ($17/mt) increase to $930/nt ($1,025/mt), or $46.50/cwt. Since the beginning of recent Nucor price increases for HRC on January 27, values have risen by 24.7 percent. Prior to that, prices were stable for nearly three months at $750/nt ($827/mt) or $37.50/cwt.
Nucor’s California Steel Industries (CSI) monitor also increased another $5/nt ($6/mt) to $995/nt ($ 1,097/mt), or $49.75/cwt., up from this past week’s $15/nt ($17/mt) increase to $990/nt, ($1,091/mt), or $49.50/cwt., on an FOB mill basis.
For a fourth week, the Nucor CSP remained higher than its nearest competitor, Cleveland, Ohio-based Cleveland Cliffs, which announced on February 21, that its April Hot Rolled Market Price would increase $100/nt to $900/nt FOB mill ($992/mt), or $45.00/cwt.
Insiders said increases in the price of March scrap also remained supportive of HRC and other finished steel prices. Low inventories and the effects of cold snowy weather across much of the eastern two-thirds of the US were said to have boosted March scrap prices. March shredded scrap settled in the US Ohio Valley at $455-460/gt ($462-467/mt), while prime busheling scrap for March, on a delivered to mill basis was up $30/gt ($30/mt) to $485-510/nt ($493-518/mt). On the US East Coast March HMS 1 scrap settled on average $20/gt ($20/mt) higher at $375-390/gt ($381-396/mt).
In the domestic flat steel spot markets, the SteelOrbis weekly average for HRC climbed again this past week, rising by 2.7 percent to an average $950/nt ($1,047/mt), or $47.50/cwt., up from $925/nt ($1,020/mt), or 46.25/cwt., a week earlier.
Since the industry release of the Nucor CSP in April 2024, flagging finished steel demand has resulted in Nucor reducing its CSP as low as $650/nt ($717/mt), or $32.50/cwt. during the week of July 15. Since that time, Nucor’s CSP has risen more than 43.8 percent.