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 higher for a 17th week today, rising another $10/nt to $1,080/nt ($1,191/mt), or $54.00/cwt., up from $1,070/nt ($1,179/mt), or $53.50/cwt., one week earlier.
Nucor’s California Steel Industries (CSI) base price, also rose another $10/nt to $1,130/nt ($1,246/mt), or $56.50/cwt., up from $1,120/nt, $1,235/mt), or $56.00/cwt., seven days earlier.
Insiders told SteelOrbis the Nucor CSP increases are primarily due to continued strength in US finished steel markets, the result of sharp reductions in global finished steel imports -the effect of ongoing Section 232 steel tariffs- which have reduced finished steel imports by about 38 percent versus year-ago levels.
In the Middle East, a continued US blockade in the Strait of Hormuz since April 13 continues to keep global oil prices elevated, as about 20 percent of global oil supplies flow the contested area. Current West Texas Intermediate crude oil traded at $98-101/barrel, off from about $105/barrel a week earlier, though still at levels unseen since early in 2022.
As available supplies remain reduced by a lack of imports, insiders said US mills continue to produce at levels nearing 80 percent of capacity to make up local supply shortfalls. And, as mill output now exceeds levels not seen since August 2024, the addition of high raw material prices in the form of continued domestic ferrous scrap also continue to be supportive for flat and other finished steel pricing.
In weekly HRC spot markets, the SteelOrbis HRC price average price closed the week ended May 8, up $5/nt to $1,068/nt ($1,177/mt), or $53.40/cwt., up from $1,063/nt ($1,172/mt), or $53.15/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, doubled from 25 percent levels 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 more than 22.3 percent.
