Nucor raised prices for hot-rolled coil for the eighth consecutive week

American steel company Nucor has notified customers of another increase in the weekly spot price (CSP) for hot-rolled coil (HRC). For the current week (December 15-21), offers rose by $10/t or 1.1% compared to the previous week, to $940 per short ton, which is the highest value for the current year.

At the same time, Nucor’s joint venture on the West Coast, California Steel Industries (CSI), also increased its HRC prices to $990/t, which is $10/t, or 1%, more than last week.

Thus, the company continues its series of price increases, which has been going on for the eighth week in a row. The total increase for this period was $65/t for all companies except CSI (+$55/t).

Product delivery times remain within 3-5 weeks.

According to SMU, the average price for hot-rolled coil was $895 per short ton FOB east of the Rockies as of December 9. Compared to the previous week, the figure remained unchanged. Kallanish estimates HRC offers in the US last week at $900-915/t compared to $880-910/t a week earlier.

As a reminder, in November, the global market for hot-rolled coil was mostly growing. The EU and the US saw price increases amid more stable demand and reduced supply, while China, on the contrary, remained under pressure from seasonal decline and competition in export markets. In particular, offers from US suppliers rose by 4.1% during the period from October 31 to November 21, to $970/t.