Nucor’s Consumer Spot Price (CSP) -the price charged for hot-rolled coils across all of its mills- was reported higher this week, following four consecutive weeks of declines. This followed the May 30 announcement by the US Trump administration that Section 232 steel tariffs would increase to 50 percent, market insiders told SteelOrbis this week.
Following last week’s Nucor flat price report at $870/nt ($959/mt) or $43.50/cwt., this week’s CSP price was reported as $20/nt ($22/mt) higher at $890/nt ($981/mt), or $44.50/cwt. This is the first price increase reported by Nucor since the week of March 23.
Nucor’s California Steel Industries (CSI) base price also increased by $20/nt to $950/nt ($1,047/mt), following an earlier increase of $10/nt to $930/nt ($1,025/mt) or $46.50/cwt., seven days prior.
On the spot pricing side, the SteelOrbis spot HRC weekly average price remained unchanged this past week at $840/nt ($926/mt), or $42/cwt., down from the wide range of $800-890/nt ($882-891/mt) reported two weeks earlier.
In late March and early April, the Nucor CSP monitor reached its highest reported level ($935/nt) since online reporting began in April of 2024. After a long of stable CSP pricing, prices increased in late January and continued to rise by almost 25 percent as the introduction of tariffs approached. High scrap prices in the first quarter and reports of “panic buying ahead of the start of tariffs” in early April boosted finished steel values, market insiders told SteelOrbis.
Following a more mixed call the previous week, June scrap was expected to settle sideways to $10/gt less versus May scrap settlement prices, with June US Midwest shredded scrap steady to $10/gt lower below May scrap pricing at $325-380/gt ($330-387/mt), according to SteelOrbis data.
Since the industry release of the Nucor CSP in April 2024, flagging demand for finished steel has resulted in Nucor reducing its CSP as low as $650/nt ($717/mt), or $32.50/cwt., Nucor’s so-called “break-even price,” during the week of July 15.