Category: Steel Prices

Prices for hot-rolled (HR) coil in recent weeks have been declining faster than those for galvanized sheet, resulting in a growing price spread between the two steel products.

US hot-rolled (HR) coil prices declined again, tightening their premium over offshore hot band, and moving closer to parity.

Sheet prices fell across the board this week – largely in response to Nucor’s $65-per-short-ton price cut for hot-rolled (HR) coil on Monday morning. SMU’s HR coil price is $780/st on average, a $35/st decrease week over week (w/w). Our average cold-rolled coil price is $1,090/st (down $30/st w/w). Our galvanized base price is $1,100/st […]

When we were asked to provide some additional commentary to SMU about the futures markets for flat rolled, our only reluctance to contribute was rooted merely in the fact that SMU (1) already offers an excellent array of authors on this topic and (2) a concern regarding what new ground could be covered that hasn’t already been discussed to death on this issue. Thankfully, however, Nucor has offered up something we can describe, without hyperbole, as simply revolutionary for spot pricing in flat rolled - a development that we simply could not resist commenting on with respect to its probable impacts on the futures market.

Nucor started off May with a bang, dropping its weekly base spot price for hot-rolled (HR) coil by $65 per short ton (st) this week.

Foreign cold-rolled (CR) coil remains much less expensive than domestic product even as domestic prices continue to decline, according to SMU’s latest check of the market.

“One thing we know for certain, however, is that when we write our next column, things will have certainly shaken loose.” – Daniel Doderer, April 4, 2024. Above is a good reminder that whenever someone is “certain” of anything, you should probably look at that line of thinking with a healthy dose of skepticism.

US hot-rolled (HR) coil price premium over offshore hot band has tightened on the back of lower domestic tags, though stateside HR coil remains markedly more expensive than imports.

Sheet prices were flat or moderately down again this week – underscoring the shift in momentum we’ve seen over the last month. The exception was hot-rolled (HR) coil, which was largely unchanged from last week.

Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its June order book. The Charlotte, N.C.-based steelmaker said in a letter to customers on Monday, April 29, that tags would be lowered by $90 per short ton (st). That would bring its base price to roughly $1,200/st.

Nucor lowered its weekly base spot price for hot-rolled (HR) coil by $10 per short ton (st) this week.

Foreign cold-rolled (CR) coil remains much less expensive than domestic product, according to SMU’s latest check of the market.

If successful in its overtures to Anglo American, BHP will create the world’s largest diversified miner by a country mile. The rationale for this merger is scale and in mining, size matters. 

Cleveland-Cliffs said its base spot hot-rolled (HR) coil price will be $850 per short ton (st) with the opening of its June order book. The company made the announcement in a press release and in a letter to customers on Friday.

Week-over-week trading activity in US steel derivatives markets was relatively muted, with prices maintaining their downward direction since the beginning of the month. Bids have materialized at the lower end of this range in the May, as the nearby backwardation continues to roll on - just as we saw with April being a premium over May.

US hot-rolled (HR) coil remains more expensive than offshore hot band, though with a tighter premium as prices stateside and abroad have ticked lower in recent weeks.

Sheet prices were again mixed this week – all seemed to highlight the momentum shift seen over the past two weeks.

Nucor is holding its hot-rolled (HR) coil consumer spot price (CSP) flat this week.

Steel sheet prices in many regions of the world were steady week over week in the week ended April 17.

Foreign cold-rolled (CR) coil remains less expensive than domestic product, according to SMU’s latest check of the market.

It has been a crazy 2024 so far for hot-rolled coil (HRC) futures!!! 

US hot-rolled (HR) coil has become gradually more expensive than offshore hot band in recent weeks, as stateside prices have stabilized while imports moved lower.

Sheet prices varied this week. While hot-rolled (HR) coil pricing was largely flat, cold-rolled (CR) coil and tandem product pricing eased slightly reflecting the momentum shift seen last week for HR coil. SMU’s average HR coil price was flat from last week at $835 per short ton (st) – potentially emphasizing the tension between competing […]

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 […]

US hot-rolled (HR) coil has become increasingly more expensive than offshore hot band as stateside prices have moved higher at a sharper pace vs. imports.

Over the last several years, I have noticed widening spreads between #1 Heavy Melting Steel (ISRI 201) and Shredded (ISRI 210,211), as well as Plate & Structural (ISRI 232).

Nucor made waves in the sheet market when it announced on Friday that it would begin publishing a weekly hot-rolled (HR) coil price. The Charlotte, N.C.-based steelmaker arguably made even bigger waves on Monday when it posted its first weekly HR number: $830 per short ton. That’s $70/st lower than the $900/st HR price Cliffs announced in late March. It’s also lower than prices in the mid-$800s that other mills were (less publicly) seeking.

Sheet prices saw a slight momentum shift this week after consecutive gains in the prior two weeks. Plate edged lower on greater competition off easing demand, according to our latest check of the steel market.

Nucor said its new weekly hot-rolled coil spot price is not meant as a substitute for any current price indices.

Nucor said its spot hot-rolled (HR) coil price this week will be $830 per short ton (st).