Nucor Corporation has raised its weekly spot price for hot-rolled coils (HRC) by $20 per ton, setting the new benchmark at $740 per short ton. This increase is the first upward adjustment in Nucor’s HRC prices since mid-September, pushing prices to their highest point since early June 2024.
This move follows a similar adjustment by U.S. Steel, which recently boosted flat steel product prices by $30 per ton. Currently, U.S. prices for hot-rolled flat products range between $690 and $700 per short ton, while cold-rolled flat products hold steady between $960 and $1,000 per ton.
The pricing shifts come amid indications of cautious buying activity.
Despite steady overall demand for steel, many buyers are holding back on large orders, likely due to uncertainty surrounding future price trends and inventory requirements for the coming months. This behavior follows an October dip in hot-rolled steel prices, a reversal after a consistent rise since July.
Moreover, U.S. steel import volumes have shown a notable decline, with September figures revealing an 8% drop in rolled steel imports compared to the previous month. Total steel imports, including semi-finished products, amounted to 2,13 million tons, reflecting a month-over-month decrease of 10,3%.
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