The new bid price is $1,295 per short tonne

The American steel producer Nucor has once again raised the spot price (CSP) for hot-rolled coil by $15 per short tonne compared with the previous week. This is stated in the company’s letter to customers dated 9 November.

The new bid price stands at $1,295 per short tonne. At the same time, the CSP for the California Steel Industries (CSI) joint venture also rose by $15 per short tonne compared with the previous week, to $1,365/t.

The company has been gradually raising HRC prices for the 17th consecutive week. Lead times remain unchanged at three to five weeks.

According to Kallanish, as of 6 November, hot-rolled coil prices in the US reached $1,340–1,400 per short tonne. In the same week last year, spot HRC prices in the country stood at $825–865 per short tonne. Lead times are getting longer, prices are rising, and the situation on the spot market is becoming more complicated.

As a reminder, in October the US saw a shortage of spot offers of flat steel, which pushed up prices for hot-rolled and cold-rolled coil.

In October domestic steel prices in the US rose to their highest level in more than four years.  The price of hot-rolled coil, the key benchmark of the US market, rose by 52% over the past year and reached $1,255 per short tonne.