Nucor introduces weekly spot prices for hot rolled steel

American steelmaker Nucor has announced the introduction of weekly consumer spot prices (CSP) for hot-rolled steel. This is stated in the company’s press release.

The company will provide its customers with consistent and transparent pricing information. The first CSP is scheduled to be published on April 8, 2024.

«We are constantly looking for better ways to serve our customers, not only with quality products and services, but also with timely information that will help them make informed decisions for their businesses. The CSP will give our customers relevant and current information about Nucor’s sheet business in a rapidly changing marketplace, which we believe will reduce their reliance on speculation and reduce risk», said Rex Query, executive vice president of Nucor’s coil business.

The CSP will be published every Monday, providing Nucor’s customers with spot prices for hot rolled steel products for the week ahead. The published prices will remain in effect until the next publication. Nucor CSP prices will be determined based on both quantitative and qualitative data. Lead times for all spot orders will be 3-5 weeks to facilitate customer planning.

«Over the last six decades, Nucor has continued to differentiate itself by innovating and finding new ways to provide solutions to our valued customers. The CSP is yet another tool that will help our customers succeed over the long term and strengthen our status as one of America’s most diversified and efficient industrial manufacturers,» Query concludes.

As GMK Center reported earlier, global hot-rolled steel prices in March 2024 were adjusting after a sharp rise in late 2023 and early 2024. The slowdown in demand for products has kept the downward trend in prices in major global markets for about 2 months. The North American market suffered the biggest losses. Since the beginning of the year, prices for hot-rolled plates in the region have fallen by 27%, or $300/ton. At the same time, the Chinese market seems to have bottomed out in mid-March.