Nucor’s Consumer Spot Price (CSP) -the price charges for hot-rolled coils across all of its mills- was steady for a third week today amid a continued outlook for lower May scrap values and falling weekly finished steel prices, market insiders told SteelOrbis.
Nucor’s CSP price was reported steady at $930/nt ($1,025/mt), or $46.50, FOB mill, following a $5/nt decline the week of April 7 from $935/nt ($1,031/mt), or $46.75/cwt. Nucor’s California Steel Industries (CSI) monitor remains stable for a fifth week at $990/nt ($1,091/mt), or $49.50/cwt.
Finished steel pricing continues to drop following a late-March rally which saw the weekly Nucor CSP monitor at its highest reported level ($935/nt) since reporting began in April of 2024. Flat CSP pricing follows on a period where prices started to rise in late January and continued higher by nearly 25 percent. Prior to that, prices were stable for nearly three months at $750/nt ($827/mt) or $37.50/cwt. 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. May scrap is now seen $20-40/gt ($20-41/mt) lower than April settlements.
In the domestic flat steel spot markets, the SteelOrbis weekly average for HRC fell last week by $50/nt ($55/mt) to $850/nt ($947/mt), or $42.50/cwt.
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. Since that time, prices rose more than 43 percent before peaking for several weeks in late-March and early April prior to falling as reported “panic buying ahead of tariffs” ceased, market insiders told SteelOrbis.