Nucor’s Consumer Spot Price (CSP) -the price charges for hot-rolled coils across all of its mills- continued lower for a third week today, amid lower May scrap prices and continued reports of falling finished steel prices, market insiders told SteelOrbis.
Nucor’s CSP price declined another $20/nt following last week’s 10/nt decline to $880/nt ($970/mt) or $44.00/cwt., compared with $900/nt, or $992/mt, or $45.00/cwt., FOB mill one week earlier. Nucor’s California Steel Industries (CSI) monitor also dropped $20/nt to $940/nt ($1,036/mt) or $47.00/cwt.
The finished steel pricing was stable to down this past week which saw the SteelOrbis HRC index drop another $10/nt to on average $835/nt ($931/mt), or $41.75/cwt., off from $845/nt ($920/mt), or on average $42.25/nt one week earlier.
In late-March and early April, the Nucor CSP monitor reached its highest reported level ($935/nt) since reporting began in April of 2024. Following an extended period of flat CSP pricing, pricing rose in late January and continued higher by nearly 25 percent. High scrap prices for the first quarter and reports of “panic buying ahead of the start of tariffs” in early April buoyed finished steel values, market insiders told SteelOrbis. June scrap is now seen sideways to $20/gt lower than recent May settlements as low demand from domestic and overseas mills is expected to continue, they said.
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.