Steel Prices

Nucor raises HR price, aims for $710/ton
Written by Brett Linton
August 26, 2024
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil increased $15 per short ton (st) from last week to $710/st.
The HR coil base price for Nucor subsidiary CSI also increased $15 from last week, with the Charlotte, N.C.-based steelmaker aiming to collect $775/st for HR coil in the West Coast market.
Lead times of 3-5 weeks will continue to be offered, but Nucor noted for customers to contact their district sales manager for availability.
SMU’s Aug. 20 check of the market showed HR coil spot prices ranging from $650-700/st, with an average of $675/st. That marked the fourth consecutive week of rising HR prices.

Brett Linton
Read more from Brett LintonLatest in Steel Prices

CRU: Chinese steel export prices mixed, although local buying improves
Chinese export prices for longs were almost steady this week, while those for flats generally declined as producers cut prices to secure deals.

HR Futures: Nascent rally in HRC futures settles above 6-week downtrend
The CME Midwest HRC futures market’s response to Trump’s election and subsequent comments about blanket 25% tariffs on Canada and Mexico was surprisingly counterintuitive.

SMU price ranges: Tags flat or down, sheet momentum ‘lower’
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.

Pig iron markets seek clarity after tariff confusion
The pig iron markets have been quiet for the last several weeks, as tariff implementation on imports into the US became a reality. There has been debate on which party will have to pay the tariff. A recent transaction could provide the answer to that question.

HR Futures: Market at crossroads after turbulent run
The market appears to be pausing after a turbulent run. But tension remains just beneath the surface. With net long positioning still elevated, sentiment-driven selling could quickly reignite volatility. Still, supply constraints and limited imports are laying the groundwork for a resilient physical market. This moment of calm feels more like a crossroads than a conclusion.