Nucor’s Consumer Spot Price (CSP) -the posted price it charges for hot-rolled coils across all of its mills- was reported higher for the first time in nine weeks today, the mill said in a letter to its customers.
Nucor’s rising CSP price comes at a time when domestic flat rolled coil prices are on the increase amid reports of improved domestic finished steel demand, leading to lengthening mill production lead times of 6-8 weeks, and steady scrap pricing for November, market insiders told SteelOrbis.
This week’s CSP was reported at $885/nt ($976/mt), or $44.25/cwt., up from $875/nt ($965/mt), or $43.75/cwt., one week earlier. The last time the CSP price rose was during the week of Aug. 25, when the CSP rose $10/nt to $875/nt. The price remained unchanged, despite movement in local HRC spot market pricing, for eight consecutive weeks.
Nucor’s California Steel Industries (CSI) base price, which also remained steady for eight straight weeks, also rose $10/nt to $945/nt ($1,042/mt) or $47.25/cwt, up from $935/nt ($1,031/mt), or $46.75/cwt.
In this past week’s spot market trade, the SteelOrbis spot average price for hot-rolled coils was assessed $5.00/nt higher on an FOB mill basis to on average $820/nt ($904/mt) or $41.00/cwt., up from an earlier weekly price average $815/nt ($898/mt) or $40.75/cwt., seven days ago.
SteelOrbis weekly spot price data shows current HRC prices are the lowest since the week of Feb 10, when talk about tariffs caused prices to spike 13.3 percent from an average $37.50/nt the prior week on a delivered to customer basis, to $42.50/nt.
Given recent price action, SteelOrbis data indicates that HRC pricing remains at the lowest levels since spot prices moved sharply higher in the second and third week of February in reaction to steady scrap pricing and the announcements of the start of renewed Section 232 steel and aluminum import tariffs on Canada and Mexico on March 4.
