Nucor, a top US steel producer, reduced its weekly spot prices for hot rolled coil (HRC) by $5 per ton. This marks the first price cut of 2024, following two weeks of stable prices.
Price Adjustment Details
Nucor’s price reduction affects all its facilities, except for California Steel Industries (CSI). At CSI, the price remains at $990 per ton. For the current week, the new price for HRC is $930 per short ton. Nucor’s prices peaked at $935 per ton on March 24, and then remained steady until April 13. Since January, the price of hot rolled coil has risen by $180 per short ton.
Market Trends and Price Forecast
Spot prices for HRC in the US ranged from $840 to $970 per tonne as of April 8, according to SMU. Kallanish reported prices between $950 and $1000 per ton. Despite the recent price reduction, tariff pressures from import restrictions are expected to continue supporting price growth in the coming weeks.
In related news, Cleveland-Cliffs, another major US-based steel manufacturer, opened its May order book for hot-rolled steel at $975 per tonne. This marks a $75 per tonne increase from February’s price of $900 per tonne. The price increase reflects rising demand in key industries and ongoing efforts to onshore steel production.
Conclusion
Nucor’s price reduction in 2024 breaks a period of stability. However, global tariff pressures and growing demand for steel may keep prices volatile in the near future.
Leave a Reply
You must be logged in to post a comment.