The base HRC price reached $740 per short ton
American steelmaker Nucor has announced an increase in its weekly spot price (WSP) for hot-rolled coils by $20 per tonne compared to the previous week, up to $740 per short tonne. This is evidenced by the company’s data.
Nucor’s hot rolled coil supply increased for the first time since mid-September and reached its highest level since early June 2024. The decision was expected, as US Steel announced a $30/tonne price increase for flat products at the end of last week. Steel producers are testing the market and opportunities to raise prices in this way.
As of October 25, prices for hot-rolled flat products in the US were at $690-700 per short tonne, and for cold-rolled flat products at $960-1000 per tonne. Quotes remained unchanged from the previous week. At the same time, the market is likely to adjust this week amid rising prices from US Steel and Nucor.
In October, prices for hot-rolled steel in the US fell for the first time after a long gradual rise since July. Supply declined amid market uncertainty. Although demand is sufficient, consumers are not confident about the need to build up significant stocks for November-December.
As reported earlier, in September 2024, the United States reduced imports of rolled steel by 8% compared to August this year, to 1.69 million tons. Total steel imports (rolled products and semi-finished products) decreased by 10.3% month-on-month – to 2.13 million tons.
Read more: Inflation expectations in the euro area fell to a three-year low in September – ECB
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