Steel Prices
Nucor aims to hold HR prices steady this week at $650/ton
Written by Michael Cowden
July 22, 2024
Nucor kept its consumer spot price (CSP) for hot-rolled (HR) coil unchanged at $650 per short ton (st) this week.
HR prices for CSI, the company’s sheet subsidiary in California, held steady at $720/st. Note that sheet prices on the West Coast are typically higher than those east of the Rocky Mountains.
Nucor also said that HR lead times at its mills remained between three and five weeks.
The effort to keep prices flat this week comes after Nucor dropped HR prices by $20/t last week.
Nucor introduced its weekly CSP in early April. Sheet prices broadly speaking have been falling for most of 2024.
Case in point: SMU’s HR price stood at $640/st on average when this article was filed on Monday. That’s off nearly 7% from $685/st a month ago, according to our interactive pricing tool. It’s also down nearly 40% from $1,045/st at the beginning of the year.
We will next update sheet and plate prices on Tuesday evening.
Michael Cowden
Read more from Michael CowdenLatest in Steel Prices
HR Futures: Rangebound and waiting for 2025
In the last article written for SMU, we looked at the rallies that followed both the 2016 and 2022 presidential elections, as well as the moves in the NFIB Small Business Optimism Index.
US HR price premium over imports edges up
The price premium between stateside hot band and landed imports widened slightly this week.
SMU price ranges: Quiet market ahead of Christmas
We have seen very little change in sheet and plate prices across the past month.
Pig iron tags slip on soft ferrous raw materials demand
The prices being paid by US-based buyers has continued to decline as ferrous raw material demand across the globe remains weak.
Nucor holds the line on published HR spot price
The steelmaker has kept its weekly consumer spot price for hot-rolled steel sheet unchanged since Nov. 12.