Nucor dropped its Consumer Spot Price (CSP), the price that it charges its customers for hot rolled coils, by $60/nt ($66.14/mt), to $720/nt ($794/mt), a 7.69 percent week-on-week drop, the steel maker said in a letter to its customers today.
This week’s price decline follows steady pricing this past week at $780/nt ($860/mt), which had followed two weekly price increases. The current Nucor price represents the lowest CSP on record since the weekly report began in April.
The Nucor price decrease comes as flat steel prices continue to decline in US spot markets amid slack demand for finished steel products and falling scrap prices.
The most recent hot rolled coil prices are heard at $35-$36/cwt. ($700-$720/nt or $771-$794/mt), while US Midwest domestic busheling scrap was down $40/gt ($39/mt) to $375/gt ($369/mt) for June versus May settled scrap values.