Nucor’s Consumer Spot Price (CSP) -the price it charges for hot-rolled coils across all of its mills- was lower today following two weeks of earlier stable price reports.
This week’s CSP is reported at $900/nt, ($992), or 45.00/cwt., off from $910/nt, ($1,003/mt), or $45.50/cwt., one week earlier. Nucor’s California Steel Industries (CSI) base price also was reported $10/nt less at $960/nt ($1,058), $48.00/cwt., off from $970/nt ($1,069/mt) or $48.50/cwt., the week prior.
This week’s lower CSP pricing comes as many countries are scurrying to finalize reciprocal trade agreements with the US Trump administration before an extended Aug. 1 deadline imposed on July 9 .
Last week, tariffs of 35 percent were announced for Canada, 30 percent for Mexico, 50 percent for Brazil, and a potential 30 percent tariff on EU exports was announced. Japan and South Korea are the latest nations to face higher tariffs from Trump. The two key US trade partners have been assessed a 25 percent tariff unless re-negotiated before the Aug. 1 deadline.
This week’s new tariff announcements follow earlier threats by Trump of a possible 50% levy on all copper imports from all countries into the US, as well as a possible 200% tariff on imported pharmaceuticals.
On the spot pricing side, the SteelOrbis spot HRC weekly average price was reported slightly higher this past week at an average $860/nt ($948/mt), or $43.00/cwt., up from $850/nt ($937/mt), or $42.50/cwt., a week prior as reports of seller discounting to cover cash flow issues pulled spot pricing down. Market insiders told SteelOrbis this past week that the potential for sideways to potentially higher August scrap pricing could move spot prices higher into September.