Nucor Increases HRC Prices for the First Time Since Late May
[tintuc]
Key Highlights:
Nucor, a major American steel producer, has announced its first spot price increase for hot-rolled coil (HRC) since May 28.
New Pricing:The company raised the consumer spot price (CSP) by $25 per ton to $675 per ton compared to last week's price.At California Steel Industries (CSI) in southern California, Nucor increased prices by $25 per ton to $745 per ton.Since May 28, Nucor had previously reduced its spot CSP price by $130 per ton.
Reasons for Price Changes:
Nucor attributes the previous price reductions to a surge in dumped and subsidized flat-rolled steel imports in the first half of 2024.The current price increase is driven by higher raw material costs and an increase in import orders.
Import Data:
June 2024:U.S. HRC imports increased by 91,200 tonnes compared to the same period the previous year, according to preliminary data from the U.S. Department of Commerce.HRC imports had declined by 9,300 tonnes and 68,800 tonnes in May and June, respectively, compared to 2023.
Other Imports:Cold-rolled coil and hot-dip galvanized coil imports rose by 206,600 tonnes and 412,200 tonnes, respectively, by June compared to the previous year.
Market Comparison:
Nucor's new prices are now higher than those of competitor Cleveland-Cliffs, which announced on July 26 a reduction in HRC spot prices to $670 per ton, $50 per ton lower than its previous announcement on June 26.This strategic price adjustment by Nucor reflects the dynamic and competitive nature of the steel market, influenced by both domestic and international factors.
Key Highlights:
Nucor, a major American steel producer, has announced its first spot price increase for hot-rolled coil (HRC) since May 28.
New Pricing:
The company raised the consumer spot price (CSP) by $25 per ton to $675 per ton compared to last week's price.
At California Steel Industries (CSI) in southern California, Nucor increased prices by $25 per ton to $745 per ton.
Since May 28, Nucor had previously reduced its spot CSP price by $130 per ton.
Reasons for Price Changes:
Nucor attributes the previous price reductions to a surge in dumped and subsidized flat-rolled steel imports in the first half of 2024.
The current price increase is driven by higher raw material costs and an increase in import orders.
Import Data:
June 2024:
U.S. HRC imports increased by 91,200 tonnes compared to the same period the previous year, according to preliminary data from the U.S. Department of Commerce.
HRC imports had declined by 9,300 tonnes and 68,800 tonnes in May and June, respectively, compared to 2023.
Other Imports:
Cold-rolled coil and hot-dip galvanized coil imports rose by 206,600 tonnes and 412,200 tonnes, respectively, by June compared to the previous year.
Market Comparison:
Nucor's new prices are now higher than those of competitor Cleveland-Cliffs, which announced on July 26 a reduction in HRC spot prices to $670 per ton, $50 per ton lower than its previous announcement on June 26.
This strategic price adjustment by Nucor reflects the dynamic and competitive nature of the steel market, influenced by both domestic and international factors.
