Steelmaker Nucor’s Consumer Spot Price (CSP) -the price it charges for hot-rolled coils across all of its mills- was steady this week at $690/nt ($761/mt), following two weeks of previous price increases, the steelmaker said today in a letter to its customers.
Since the first price increase was announced on July 29, Nucor’s CSP had increased more than 6 percent. Prior to the recent price increases, Nucor’s CSP price had declined more than 22 percent since the CSP was released in early April.
The steady weekly price comes as August scrap unexpectedly settled sideways to July. Market insiders told SteelOrbis earlier this month they expected August scrap to settle sideways to up to $20/gt “across the board.” The recent mill price increases were the result of the higher outlook for August scrap, as Nucor faced “higher raw material” costs, they said.