US steelmaker Nucor has announced its second price increase for hot-rolled coil (HRC) this month, raising the spot price by $10 per ton to $730 per short ton. This marks a total price increase of $20 per ton since the start of September. The first price hike occurred during the week of September 9-15, when prices rose from $710 per ton to $720 per ton.
Although demand for HRC in the United States has not fully recovered, there are signs of improvement. Consumers are accepting these gradual price increases after a long period of decline earlier in the year. In addition to rising prices, major US steelmakers, including Nucor, Cleveland-Cliffs, SSAB, Ervaz, and Stelco, have planned maintenance shutdowns in September, leading to a reduced supply of HRC and further supporting the price hikes.
In contrast, HRC prices in Europe and China have continued to fall due to weak demand and high inventories. However, the North American market has experienced a rebound, with Nucor’s price increase following Cleveland-Cliffs, which raised its spot price by $20 per ton to $750 per ton.
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