Nucor cuts weekly HC coil prices to lowest since April

American steelmaker Nucor has announced a $35/t decrease in weekly hot rolled coil (HRC) prices – to $680 per short ton. This is reported by BigMint with reference to the company’s data.

This is the lowest level since April 24 this year, when prices fell below $700 per tonne.

Last week, North American HRC prices fell below $700 per short tonne, hitting new lows and continuing to fall.

At the same time, according to World Steel Dynamics, Cleveland-Cliffs has opened its August hot rolled coil order book at a base price of $720 per short ton, according to a message to customers.

Since peaking in mid- to late April, market prices for these products have fallen by about 17%.

In April this year, Nucor announced the introduction of weekly consumer spot prices (CSP) for hot-rolled steel. The CSP is published every Monday, informing customers of HRC spot prices for the week ahead. The published values are valid until the next publication. The same month, Cleveland-Cliffs initiated similar monthly announcements in response to industry trends and customer feedback.

As GMK Center reported earlier, prices for hot-rolled plates fell in most major markets in May 2024. The trade is constrained by an oversupply of supply over demand, unfavorable economic outlook and uncertainty in the steel market.