Nucor reduced its Consumer Spot Price (CSP) -the price it charges its customers for hot rolled coils at all of its producing mills- by $35/st ($39/mt) to $680/st ($750/mt) FOB mill, the steel maker said today in an announcement to all of its customers.
Recent Nucor price declines come as flat steel prices continue to slip in US spot markets amid slack US demand for finished steel products, and a growing consensus that July scrap prices will be flat to lower than June.
This week’s CSP decline follows a less substantial $5/st ($5.51/mt) decline on June 17, and marks the lowest price offer for Nucor since the steel maker began releasing the weekly CSP indicator in early April.
While flat-rolled market insiders said last week that the continued Nucor CSP price declines could signal that HRC prices may be reaching a price floor, the indicator continues to fall along with finished steel prices.
Domestic spot HRC prices are assessed $25/st ($28/mt) less at $675-$725/st ($744-$799/mt) delivered to customer, versus ($700-$750/st ($772-$827/mt) seven days ago. July scrap is discussed soft-sideways to $10-$20/gt less on all grades except primes, scrap traders told SteelOrbis.