Nucor raises prices for hot-rolled steel for the fourth week in a row

American steel company Nucor continues its cycle of hot-rolled coil (HRC) price increases, gradually raising weekly spot prices for consumers (CSP) for the fourth week in a row. For the week of November 17-23, CSP is $910 per short ton, which is $15 higher than the previous week. This is the most significant increase in the last month, as previous weekly adjustments were only $5-10/t.

Spot order lead times remain stable at 3-5 weeks, indicating controlled production capacity utilization and balanced demand in the domestic market. The spot weekly price for Nucor’s West Coast subsidiary, California Steel Industries (CSI), also rose by $10/t to $960/t.

The current price growth demonstrates an acceleration in the price trend and may indicate manufacturers’ desire to maintain positive momentum before the end of the year. The market is responding to a combination of factors, including seasonal supply constraints, stable demand from end users, and manufacturers’ desire to maintain margins amid fluctuating costs.

According to the latest Kallanish estimate as of November 12, domestic prices for US HRC traded in the range of $830-865/t. Thus, the published Nucor level significantly exceeds the average market quotes, forming an additional price benchmark for other producers and traders. Further developments are expected to depend on the pace of demand recovery and the market’s reaction to a series of increases that have been ongoing for over a month.

In late September and October, the global hot-rolled coil market showed opposite trends in the main regions.

European prices rose under the influence of the expected strengthening of trade protection. The US saw prolonged stability amid weak demand, while China again lowered its prices due to excess inventories and uncertainty about the recovery of the industry.