Nucor is raising HRC prices for the second time since September

American steelmaker Nucor announced an increase in the weekly spot price (CSP) for hot-rolled coil (HRC) by $10/t compared to the previous week – to $730 per short ton. This is evidenced data companies

For the second time in September, the company is raising prices for steel coils, the first of which took place in the week of September 9-15 – by $10/t, to $720/t, and the second – in the current week. Thus, since the beginning of the month, spot prices have increased by $20/t.

Although demand for HRC in the US has not yet fully recovered, there is some improvement. Consumers are fine with gradual price increases after a long decline since the beginning of the year. In addition, major local steel producers Nucor, Cleveland-Cliffs, SSAB, Ervaz and Stelco have planned maintenance shutdowns during September, which is contributing to reduced supply and higher prices.

As GMK Center reported, global prices for hot-rolled coil during August – early September continued the decline under the influence of weak demand, economic uncertainty and the pressure of high inventories. In the market of Europe and China, offers have reached minimums since 2020. Meanwhile, North America has seen some price recovery, which may indicate a bottom has been reached after prices have nearly doubled since the start of the year.

Prices for HRC in the US were marked by a slight rebound against the backdrop of increased offers by key US metallurgical companies. In particular, Cleveland-Cliffs announced an increase in the September spot price for hot-rolled coil by $20/t – from $730/t to $750/t, and Nucor gradually increased its weekly prices to $730 per short ton.