US domestic flat steel pricing was flat to lower this week as domestic finished steel demand remains limited and sideways to lower November scrap pricing is limiting new spot market transactions ahead of the beginning of the November scrap buy cycle, market insiders told SteelOrbis this week.
“It’s been very quiet, with pricing pretty flat,” one California-based pipe trader told SteelOrbis. “It’s real quiet because demand is not there, but hopefully, now that the election is over the demand situation will improve.”
“We’re not seeing any price movement in HRC this week,” said another Gulf Coast-based flat steel insider.”
The weekly SteelOrbis spot average for HRC remains unchanged for a second week at $660-680/nt ($728-750/mt), or $33.00-34.00/cwt. Lead times for HRC are unchanged at 4-6 weeks, insiders said, indicating markets are well supplied amid limited new spot market demand.
On the mill side, Nucor kept its weekly Consumer Spot Price (CSP) unchanged for a second week at $740/nt FOB mill ($816/mt) or $37.00/cwt. Its CSI base price for California HRC was also steady on the week at $800/nt FOB mill ($882/mt) or $40.00/cwt.
Insiders told SteelOrbis the disparity between Nucor’s CSP price at $740/nt versus current spot market assessments seen this week at an average of $670/nt FOB mill is an attempt by the steel producer to establish a price floor, and keep current spot prices from continuing to fall as domestic demand for finished steel products continues to wane.
In other flat steel markets, CRC is last assessed about $15/nt ($16.53/mt) less on the week at an average $925-935/nt FOB mill, ($1,020-1,031/mt), or $46.25-46.75/cwt. This compares with $940-950/nt ($1,036-1,047/mt) seven days ago. HDG prices were also assessed fairly flat on the week at $870-880/nt ($959-970/mt) or $43.50-44.00/cwt. delivered, market insiders said.