Steelmaker Nucor’s Consumer Spot Price (CSP) -the price it charges for hot-rolled coils across all of its mills- continued higher for a second week, following an earlier period of flagging finished steel demand which contributed to several months of low finished steel prices, the steelmaker said today in a letter to its customers.
This week’s CSP is offered at $710/nt ($783/mt) or $35.50/cwt., up from $695/nt ($766/mt) or $34.75/cwt, the week of August 19. Prior to recent price increases the weekly CSP price had been trending lower.
Since the first series of price increases were announced on July 29, Nucor’s CSP increased more than 9.2 percent. Prior to the recent price increases, Nucor’s CSP price had lost more than 22 percent of its value on flagging demand for finished steel products since the CSP was released in early April at $830/nt ($915/mt) or $41.50/cwt.
Nucor explained to customers that recent price increases were the result of “higher raw material prices and an increase in order entries reflecting customers’ resilient underlying demand,” the steelmaker said.
During the week of August 19, spot HRC was assessed at $675-700/nt ($744-772/mt), up $27.60/nt ($30.42/mt) from $655-665/nt ($722-733/mt) on a delivered to customer basis from the week of August 12.