In a letter to customers introducing their new weekly Consumer Spot Price (CSP), Nucor announced that effective immediately, the CSP for hot rolled coil will be $41.50 cwt. ($915/mt or $830/nt) FOB mill for all mills except CSI on the West coast, which will have a base price of $43.00 cwt. ($948/mt or $860/nt) FOB mill.
As of last Friday, US domestic HRC spot prices overall were trending at $40.50-$42.50 cwt. ($893-$937/mt or $810-$850/nt) FOB mill. However, Cleveland-Cliffs has also indicated an intention to raise HRC prices, announcing a new base price of $45 cwt. ($992/mt or $900/nt) FOB mill.
It remains to be seen how the new base price levels will affect actual market prices.