Nucor’s Consumer Spot Price (CSP) -the price charges for hot-rolled coils across all of its mills- was reported steady this week, following four straight weeks of declines, even as monthly scrap markets for June are beginning to gear up for monthly buy-cycle negotiations, market insiders told SteelOrbis.
Following last week’s $10/nt decline, Nucor’s CSP was reported flat at $870/nt ($959/mt) or $43.50/cwt., compared with $880/nt, or $970/mt, ($44.00/cwt.), FOB mill two weeks earlier. Interestingly, Nucor’s California Steel Industries (CSI) base price rose $10/nt to $930/nt ($1,025/mt) or $46.50/cwt., up from $920/nt ($1,014/mt) or $46.00/cwt., one week before.
On the spot pricing side, the SteelOrbis spot HRC weekly average price was reported late this past week at $840/nt ($926/mt), or $42/cwt., off from a wide $800-890/nt ($882-891/mt) reported range seven days earlier. Given recent declines, SteelOrbis weekly pricing data shows spot HRC pricing has declined 11.58 percent or $110/nt ($121/mt), from a yearly HRC spot price high of $950/nt ($1,047/mt) logged during the week of March 17.
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. Following an extended period of flat CSP pricing, pricing rose in late-January and continued higher by nearly 25 percent as the start of tariffs approached. 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.
Following a more mixed call early last week, June scrap is last seen sideways to $10-20/gt less versus May scrap settlements.
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., Nucor’s so-called “break-even price,” during the week of July 15.