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 again today for a 22nd week, rising another $10/nt to $1,125/nt ($1,240/mt), or $56.25/cwt., up from $1,115/nt ($1,229/mt), or $55.75/cwt., on an FOB mill basis one week earlier.
Nucor’s California Steel Industries (CSI) base price, also rose another $10/nt to $1,175/n t ($1,295/mt), or $58.75/cwt., up from $1,165/nt ($1,284/mt), or $58.25/cwt., FOB mill, one week ago.
The continued increases in the Nucor CSP are primarily the result of continued strength in US finished steel markets, the effect of sharp reductions in global finished steel imports as a result of ongoing Section 232 steel tariffs which have reduced finished steel imports by nearly 30 percent versus year-ago levels.
Steel insiders told SteelOrbis that despite US President Trump’s recent peace deal with Iran, energy costs will most likely continue to be elevated short term as markets unwind following more than three months of armed conflict.. Elevated energy price levels are expected to continue to contribute to continued strength in finished steel prices, even as a US blockade of the Strait of Hormuz is expected to be lifted over the next 60 days.
Current West Texas Intermediate crude oil traded at $80.50 per barrel earlier today, down about $5/bbl from Friday, in reaction to news about the current 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 79 percent of capacity to make up local supply shortfalls. And, as mill output now exceeds levels not seen since April 2026, the addition of high steel raw material prices in the form of domestic ferrous scrap and elevated pig iron prices also continue to be supportive for flat steel pricing.
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 12, up $8/nt to $1,115/nt ($1,229/mt), or $55.75/cwt., up from last week’s $10/nt increase to $1,107/nt ($1,220/mt), or $55.35/cwt., on an FOB mill basis, one week earlier.
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 28.57.percent.
