US steelmaker Nucor has announced an increase in its weekly spot price (WSP) for hot-rolled coils by $10 per tonne compared to the previous week, to $750 per short tonne. This is evidenced by the company’s data.
Nucor’s weekly hot rolled coil price rose for the first time in November. The last adjustment took place on October 28, when offers increased by $20/t to $740/t, the highest since early June this year. At the same time, from mid-September to the end of October, the market was stagnant for a long time, with prices remaining stable.
Thus, Nucor’s offers were settled with the Cleveland-Cliffs ex-works price, which the company published on October 30.
As of November 8, prices for hot-rolled flat products in the US were at $710-720 per short tonne Ex-Works. The quotes remained unchanged from the previous week, but increased by $20 per tonne since October.
As a reminder, in October, prices for hot-rolled steel in the United States fell for the first time after a long gradual increase 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 GMK Center 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.
