Steel Prices
Nucor posts $835/ton spot HR price for this week
Written by David Schollaert
April 15, 2024
Nucor said its spot hot-rolled (HR) coil price for the week of April 15 will be $835 per short ton (st), up $5/st from last week.
The Charlotte, N.C.-based steelmaker said the new price would be effective immediately in a letter to customers on Monday morning.
The exception again is California Steel Industries (CSI), Nucor’s subsidiary in Fontana, Calif. CSI’s spot HR price remained flat at $890/st – reflective of the West Coast market’s somewhat standard premium over markets east of the Rocky Mountains.
Last week’s announcement surprised many in the market who anticipated a higher base price given Cliffs’ target of $900/st. The move might have, in part, stalled the upward momentum that had seen HR coil prices jump $50/st in less than two weeks after reaching a recent bottom of $795/st, on average, on March 19.
Market reaction has been largely neutral to date. But still, over a quarter of SMU’s survey respondents view this latest trend by the steelmaker as positive, with the remaining not so keen on the prospect of a mill-published price.
This break from traditional sheet mill pricing practices will likely keep the market talking.
David Schollaert
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