Nucor’s Consumer Spot Price (CSP) -the price charges for hot-rolled coils across all of its mills- declined for the first time in a month this week, amid a continued outlook for lower May scrap prices and mixed weekly finished steel values, market insiders told SteelOrbis.
Nucor’s CSP price declined $20/nt to $910/nt, or $1,003/mt, or $45.50/cwt., off from $930/nt ($1,025/mt), or $46.50 cwt., FOB mill, one week earlier. Prior to this week’s decline, the CSP was stable for three weeks. Nucor’s California Steel Industries (CSI) monitor also dropped $20/nt to $970/nt ($1,069/mt or $48.50/cwt.), following an equal period of steady pricing.
Finished steel pricing was mixed this past week which saw the SteelOrbis HRC index increase $25/nt to $850-900/nt ($937-992/mt), or on average $43.75/cwt. Cold rolled steel prices were down while HDG prices remained flat on the week in thin trading.
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, values rose in late January and continued higher by nearly 25 percent. High scrap prices for the first quarter and a certain amount of “panic buying ahead of the start of tariffs” in early April buoyed finished steel values, market insiders told SteelOrbis. May scrap is now seen $20-40/gt ($20-41/mt) lower than April settlements as the panic buying has subsided.
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.