American steelmaker Nucor has announced another increase in its spot price (CSP) for hot rolled coil (HRC). Starting February 10, 2025, the base price will be $790 per short ton for all production facilities, except for California Steel Industries (CSI), where the price will reach $850 per ton. This is the third price increase since the beginning of the year, reflecting a tense market situation and attempts to test consumers.
The price hike is likely driven by revived market activity and new trade tariffs imposed by the Trump administration. From March 12, 2025, the US will impose a 25% duty on all steel and aluminum imports without exceptions, affecting products from Canada, Brazil, Mexico, South Korea, and other countries previously exempt from duties.
Recent market uncertainty has seen HRC prices increase to $775 per ton just a week ago. Nucor had previously raised quotes by $10, and now adds another $15, indicating attempts to maintain margins amid rising production costs and supply chain changes. Order fulfillment terms will remain within 3-5 weeks. Industry experts suggest the key factor in future price dynamics will be end-user reactions.
In 2024, US steelmakers increased imports of rolled steel by 3.7% compared to 2023, totaling 22.5 million tons. Total steel imports (rolled and semi-finished products) increased by 2.5% year-over-year to 28.86 million tons.
